This November started off with two significant question marks, one regarding the Presidential Election’s results and the other concerning partial and full rent payments. With that in mind, we sat down with industry experts to discuss how the next administration is likely to tackle residential issues, while also looking at what Joe Biden’s victory could mean for Fannie Mae and Freddie Mac. Additionally, as the year comes to an end and the eviction moratorium is set to expire, industry groups are hoping that potential relief funding could be attached to a spending bill needed to avoid a government shutdown.
Meanwhile, as the U.S. continued to have high number of confirmed coronavirus cases and as the job market still feels the effects of the ensuing economic volatility, it came as a relief that more than 80 percent of U.S. rental households have made rent payments as of Nov. 6, according to National Multifamily Housing Council data. That’s a 1.1 percent increase compared to the similar period of last year, as well as a 1 percent increase from the same period of last month.
More than half a year into the pandemic, data shows a major movement out of densely populated coastal cities, according to an OPTECH Virtual Conference presentation. NMHC’s 2020 conference also focused on IT challenges for the multifamily industry.
As noted in a Newmark research report, multifamily investment sales volume has seen the strongest sequential gain since 2011. And November was full of big-dollar investment deals and strategies, including Investcorp’s disposition of eight multifamily properties in four states for more than $900 million, Starwood Capital Group’s expansion of its affordable housing platform with the acquisition of more than 4,500 units for almost $645 million, as well as CRG’s $1 billion development strategy.
Here are MHN’s must-reads for last month: