Metrics
Gentrification of Downtown L.A. Pushed Home Values Up by 700 Percent
The apartment search website compiled a ranking of the most gentrified zip codes in the U.S., using data from the 2000 Census Survey and the 2016 American Community Survey.
Demographic Changes Turn 22 More U.S. Cities into Renter-Majority Markets
The population in some 22 large U.S. cities has shifted from owner-majority to renter-majority during the “recession decade,” with Toledo, Ohio; Memphis, Tenn. and Tampa, Fla. seeing the most abrupt changes.
Rental Industry Raising Credit Score Standards
Credit scores of approved applicants have increased by 12 points, on average, since 2014, and in some cases even more.
Year-Over-Year Origination Volume
As indicated by the latest data available, origination volume was up 8 percent year over year in 2016, according to the Mortgage Bankers Association. Nearly 3,000 different lenders provided a total of $269.2 billion in new mortgages for apartment buildings with five or more units.
Baby-Boomers Impact on the Apartment Industry
The renter segment aged 55 and over increased by 28 percent, while renters under 34 years of age increased by only 3 percent between 2009 and 2015.
Rent Growth
Despite the slight drop in overall rents, the year-over-year rate of growth increased to 2.5% nationwide in November, up 10 basis points over October. Overall rents are now $4 off their all-time high of $1,362, which was achieved in September.
Rent Growth
The national deceleration on a year-over-year basis continued, with rents up 2.3% nationwide in October, a 30 basis-point decline from September. Rent growth in Houston is up 0.8% year-over-year through October, a 100-basis point improvement over -0.2% in September and the metro’s first positive month since July 2016. Upward of 45,000 apartment units and 100,000 housing units went out of commission as a result of Harvey.
Rent Growth
U.S. monthly rents were flat in September, remaining at $1,354, yet they continue to decelerate on a year-over-year basis. Rents were up 2.2% nationwide in September, a 10-basis-point decline from August. After a strong first half, in which average rents grew by $33, they experienced a summer slowdown, increasing by only $1 in the third quarter.
Rent Growth
Rents were up 2.4% nationwide, a 20-basis-point decline from July. Although overall gains have slowed during the summer months, August kept alive a streak during which rents have increased every month this year.