Radix

#Multifamily operational metrics were very consistent with prior weeks. Traffic, leasing, occupancy, and rent growth all had very minor weekly declines due to typical seasonality. The annual change in same store occupancy for stabilized properties has not been positive at the national level since May 2022. That streak continued in the latest week's report, but the occupancy rate was only down 14 basis points from a year ago. That metric should turn positive in early 2025. 🖥️ Blog post: https://lnkd.in/d_jba5gD 🎙️ Listen on Spotify: https://lnkd.in/dFpndXBf 🎧 Listen on Apple: https://lnkd.in/dmfjRb6b #multifamilydata #RealEstateData #MultifamilyMarket #Radix #thetruthindata

U.S. annual effective #rentgrowth was flat in this week's report. It had been negative in each report since March 2023. The value and utilization of concessions spiked a year ago. While concessions are still prevalent, they have been lowered in many of the top-performing markets, helping the year-over-year U.S. rent comparisons. 🖥️ Blog post: https://lnkd.in/d23bwFX8 🎙️ Listen on Spotify: https://lnkd.in/d-N4BucY  🎧 Listen on Apple: https://lnkd.in/dMs2uF-m #multifamilydata #RealEstateData #MultifamilyMarket #Radix #thetruthindata

Introducing the Best Rate Report! 🚀 Easily compare rates, track lease terms, and customize insights on key metrics. Updated weekly with fresh data, this report is your go-to tool for actionable insights. Explore the Best Rate Comparison Report under the 'Reports' tab in your Radix Benchmark dashboard! #Multifamilydata #RealEstateData #MultifamilyMarket #Radix #Thetruthindata #Multifamily

Missed the latest Tech Talk Podcast from 20for20? Catch up with Dom Beveridge and antitrust attorney Ethan Glass as they dive into the regulatory shifts and challenges shaping the multifamily industry. Their expert insights, covering recent challenges and future perspectives, are essential for anyone in the multifamily industry. 🎙️ Don’t miss out—listen now: https://lnkd.in/dE74TcfV

Annual effective rent growth was -0.1% at the national level, the closest it has been to positive territory since early 2023. #Concessions have been declining in many markets across the country, leading to improved effective rent growth. Boston, New York, San Jose, and Seattle are among top markets that have seen a steady and significant drop in concession this year, and each has annual effective rent growth above 4%. 🖥️ Blog post: https://lnkd.in/d6vKNwyv 🎙️ Listen on Spotify: https://lnkd.in/dGHFvtgq 🎧 Listen on Apple: https://lnkd.in/dqnyCXUh #multifamilydata #RealEstateData #MultifamilyMarket #Radix #thetruthindata

The latest Tech Talk podcast from Dom Beveridge at 20for20, featuring antitrust attorney Ethan Glass, is an in-depth look at the regulatory challenges impacting the multifamily industry.     Finding clear context and perspective on recent headwinds has been difficult—until now. In this episode, Dom and Ethan break down key events shaping the industry, offer insights on what's happening today, and provide a forward-looking view on what the future may hold. For anyone in the multifamily industry looking for expert analysis, this conversation is a must-listen.    🎙️Tune in here: https://lnkd.in/gVSu-m5C

Closing ratios have been stronger for #multifamily leasing, and annual rent growth is on the verge of turning positive at the national level. Effective rents did not drop as much this October as they did last year. For the month, rents only declined 46 basis points compared to a decline of 133 basis points a year ago. Also in this week's report: -Mixed readings on October's job report -Robust GDP for Q3 driven by consumer spending -Fed on the verge of lowering interest rates again? 🖥️ Blog post: https://lnkd.in/ecYbdp3T 🎙️ Listen on Spotify: https://lnkd.in/eh-9UwQu 🎧 Listen on Apple: https://lnkd.in/ef86MsdC #multifamilydata #RealEstateData #MultifamilyMarket #Radix #thetruthindata

Is Multifamily Real Estate on the Road to Recovery?   Despite the struggles in multifamily residential, the outlook is brighter for 2025. With supply levels starting to decline in some locations, and the economy holding steady, we're seeing signs of improved occupancy rates and rent growth. 📈   Curious about what's driving these shifts? Get insights from Radix Chief Economist Jay Denton as he breaks down the key trends shaping the market.   Read more: https://lnkd.in/dcBSinKB #multifamilydata #RealEstateData #MultifamilyMarket #Radix #thetruthindata

Based on this morning’s BLS report, the U.S. added 12,000 jobs in October. It was the lowest job gain since December 2020, but we knew this report could provide pessimistic readings due to the impact from the hurricane and the strike of Boeing workers. Additionally, the BLS report noted that the survey collection rate was “well below average”, which was influenced by a shorter collection period in October. The period can last 10 to 16 days, and it was at the lowest end of that range in October. I wouldn’t be shocked to see a bounce back in the November numbers. Of course, the numbers have been revised so much that it’s hard to tell where the final estimate will land. The job gains for August and September were lowered by a combined 112,000 jobs, which were overwhelmingly in the private sector. Given that job gains have averaged 128,000 since April, that's like wiping a full month of jobs off the board. Still, there are some other factors that point to the job market not being THAT soft. #Multifamily operational performance tends to be a good indicator of what is happening in the economy. We have seen lower traffic counts for multifamily properties, but I’m not ready to say that it is due to significant erosion in the labor market. Other indicators have been more stable and showing a normal seasonal pattern. We’ll keep monitoring that. Looking at unemployment insurance claims, both initial and continued claims declined from the end of July until late September. Then, Helene made landfall on September 26, and Milton was on October 9. Initial claims represent the first week someone files for unemployment benefits, and they give a reading into whether more people are getting laid off. Continued claims shed light on whether those that lose their jobs ultimately find one. It was a good sign for the labor market that they were both declining prior to the hurricanes, and it is interesting August and September job gains were lowered so much. Both types of unemployment insurance claims spiked following the hurricanes, and they’ve started to decline which suggests many of those impacted are getting back to work. Finally, ADP’s estimate of job gains for October was incredibly strong at 233,000. https://lnkd.in/gpm49eWd

This week's report focuses on job creation, a key driver for #multifamily performance. While #supply gets all the headlines in our industry, New York, Los Angeles, and Charleston are among several markets with five times more #jobs being created than the number of multifamily units being delivered. At a national level, the impact of hurricanes Helene and Milton could lead to a pessimistic labor market report this Friday, which will be the last reading before the presidential election. Also in this week's report: -U.S. #occupancy hits its lowest point in four years at 93.5% -Annual #rent growth inches closer to positive territory 🖥️ Blog post: https://lnkd.in/dWegX4tG 🎙️ Listen on Spotify: https://lnkd.in/dDc7tA_j 🎧 Listen on Apple: https://lnkd.in/dUwc3wm6 #multifamilydata #RealEstateData #MultifamilyMarket #Radix #thetruthindata