Check out this week’s Weekly Round Up!
NMHC Says 79.4% of Apartment Households Paid Rent by October 6
The National Multifamily Housing Council (NMHC) says that 79.4% of apartment households made a full or partial rent payment by October 6th, 2020. Click here to read more.
Construction Spending Up 1.4% in August
The U.S. government is reporting that total construction spending in August was at a seasonally adjusted annual rate of $1,412.8 billion, which is 1.4% above than July’s revised estimate. In addition, August’s figure was 2.5% higher than August, 2019. Click here to read more.
Zumper’s National Rent Report for October 2020
Rental information site Zumper recently released their National Rent Report for October, 2020 showing that their median national rent for 1-bedroom apartment was $1,231 (down 0.1%) and the median two-bedroom rent was $1,489 (down 0.1%). Click here to read more.
Make Yourself Your Tenants’ Top Priority
Many of our renters are facing a hard choice in today’s tumultuous and unpredictable climate. With layoffs, furloughs, and job uncertainty, there is often not enough money and too many bills or financial responsibilities. They are faced with the choice of paying the car payment or paying the rent. With a new eviction moratorium in place, the choice got easier for many tenants as they see it as a protection for their housing and choose to pay other bills first. Click here to read more.
ABODO Says Rents are Flat Going into October
National apartment listing site ABODO recently reported that the median nationwide rent price for one-bedroom units in October was $1,111 with two-bedroom units coming in at $1359. Click here to read more. Click here to read more.
Home Prices Up 14% to Another High
Redfin is reporting that the median home sale price increased 14% year over year to $319,769, which they say is not only the highest on record but the largest increase since August, 2013. Click here to read more.
Top U.S. Counties with Increasing Homeownership Tenure
According to data within ATTOM Data’s most recent U.S. Home Sales Report, homeowners who sold in Q2 had owned their homes an average of 7.95 years, slightly up from Q1 and nearly the same as the peak of 7.96 years back in Q4 2019. Click here to read more.
Buyers Fleeing High-Tax States Flocking to Puerto Rico
The Wall Street Journal says lower taxes are among the reasons why wealthy buyers from high-tax states like California & New York are buying homes in Puerto Rico where luxury developers are reporting that business is brisk. Click here to read more.
50 Most Popular Fast Food Chains
Infographic: The Visual Capitalist reminds us that millions of Americans eat fast food every day – and some of us might even eat too much of it! Today’s infographic takes a look at the venerable fast food industry and illustrates the 50 largest fast food chains by revenue.Click here to read more.
1 Million New Single-Family Homes Sold in August
The U.S. Government is reporting that sales of new single-family houses in August, 2020 were at a seasonally adjusted annual rate of 1,011,000, which is 4.8% higher than July’s revised rate, and is 43.2% higher than one year ago. Click here to read more.
Pending Home Sales Soar 8.8% in August
The National Association of Realtors is reporting that pending home sales jumped 8.8% in August – marking four consecutive months of increases! Click here to read more.
Can’t Evict? Why Sending a Non-Paying Tenant to Collections Might Save Your Investment
Are you a landlord trying to come to terms with all the eviction moratoriums that are gripping the industry? On a recent episode of the Rent Perfect Podcast, David Pickron discusses how during a time of no evictions, collections could be your ultimate solution. Click here to read more.
FHFA House Price Index Up 6.5% Year-Over-Year
According to the latest Federal Housing Finance Agency’s (FHFA) House Price Index (HPI), U.S. house prices were up 1% in July and were up 6.5% from one year ago. Click here to read more.
Black Knight Says Seriously Past-Due Loans Rise
According to Black Knight’s “first look” report for August, 2020, an improvement in early-stage delinquencies was offset by a 5% increase in serious delinquencies (those 90+ days past due) which have now risen in each of the past five months. Click here to read more.
S&P CoreLogic Case-Shiller Index Up 4.8% in July ’20
According to the latest S&P CoreLogic Case-Shiller Indices, covering all nine U.S. census divisions, the rate of home price increases reported a 4.8% annual gain in July, 2020. Their 10-City Composite annual increase came in at 3.3% and the 20-City Composite posted a 3.9% year-over-year gain. Click here to read more.
Apartment Conversions at All-Time High
A recent report from RENTCafé says that thanks to an all-time high in conversions, yesterday’s factories are today’s Apartments. The report says that of the nearly 2k buildings converted over the last 70 years, 800 were done in the last decade alone. Click here to read more.
Median U.S. Household Income
What is the median household income in every state? That’s an important question for investors seeking new markets or tracking current ones. The U.S. Census Bureau recently put together an interactive map where you can drill down and get more information. Click here to read more.
Fire Prevention Week is October 4-10th
Infographic: National Fire Prevention Week runs October 4-10th, 2020 and one of the best ways to celebrate is to check all your properties’ smoke alarms for functionality and age. If you have one that’s over than 10 years old, that means it’s time to replace it! Click here to read more.