Apartment Business Update

A quarterly newsletter covering investment trends in the apartment industry.

Haven Realty, JP Morgan Announce $1B BTR Joint Venture

November, 2022 | Updated November, 2022

Haven Realty Capital, a privately held real estate investment and operating firm focused on single-family developments, and the real estate investment platform of J.P. Morgan announced a $1 billion build-to-rent (BTR) joint venture with $415 million in equity.“The for-sale housing market has been…

What’s All This Talk About Revenue Management and Antitrust Violations?

November, 2022 | Updated November, 2022

Recently, the courts, the Department of Justice (DOJ) and federal policymakers have taken an interest in the rental housing industry’s use of revenue management tools. Considering this increased scrutiny of the industry, it is important to understand how antitrust laws come into play. …

Apartment Conversions Pick Up Steam

November, 2022 | Updated November, 2022

Office to apartment conversions have led the way for adaptive reuse projects during the past two years. According to a recent report from RentCafe, the adaptive reuse of office buildings is at an all-time high with 11,000 apartment conversions in two years—77,100 apartments total are currently…

2023 Multifamily Loan Purchase Caps Announced

November, 2022 | Updated November, 2022

The Federal Housing Finance Agency (FHFA) announced 2023 multifamily loan purchase caps for Fannie Mae and Freddie Mac. The combined total for the Enterprises is $150 billion—$75 billion each.The limit is a $3 billion decrease from the $78 billion caps in 2022, which FHFA called an “anticipated…

Renters Overtake Homeowners in 101 Zip Codes

November, 2022 | Updated November, 2022

With the cost of owning a home rising, some across the U.S. are looking at other alternatives, which includes renting. This phenomenon was reflected in a recent study from RentCafe, which shows 101 zip codes have flipped from homeowner majority to renter majority in the last 10 years.The share of…

Property Tax Increases on Horizon for Rental Housing Providers

November, 2022 | Updated November, 2022

Property tax increases are coming and are impacting the rental housing industry across the Sun Belt.A recent article from Bloomberg reviews several companies in the industry and what they expect to see regarding the increases. American Homes 4 Rent and Invitation Homes both said property taxes will…

Rent Growth Cools in October

November, 2022 | Updated November, 2022

Rents across the U.S. are easing slightly, but the data is still fairly market specific. Both the Zumper National Rent Report and the Apartment List National Rent Report for the month of October saw declines in rent prices.Zumper reports median one-bedroom rent declined 0.8% compared to the…

Apartment Market Conditions Weaken in Q3

November, 2022 | Updated November, 2022

Apartment sales and financing are among market conditions showing a slowdown in the third quarter of 2022. The latest Quarterly Survey of Apartment Market Conditions from the National Multifamily Housing Council (NMHC) reports market tightness, sales volumes, equity financing and debt financing…

Renter Voter Turnout Increasing

October, 2022 | Updated November, 2022

Renters are closing the gap with homeowners regarding voter turnout. The midterm elections are next week, and Apartment List reviewed voting habits between the two cohorts. While the gap between homeowners and renters has been larger in midterm elections, presidential election years have also…

Former NAA Chairman Rick Graf Retiring

October, 2022 | Updated November, 2022

Former National Apartment Association (NAA) Chairman of the Board Rick Graf is retiring. His last day as President, Multifamily, Asset Services at Cushman & Wakefield will be Dec. 31. Woody Stone was promoted to serve as President of U.S. Multifamily Asset Services, according to a release from…