The national vacancy rate for office buildings in the U.S. hit a nearly 30-year high in the third quarter of 2022. According to a recent report from CBRE, the vacancy rate reached 17.1%. This extra space has led developers, investors, architects and others in the real estate arena to rethink how…
Apartment Business Update
A quarterly newsletter covering investment trends in the apartment industry.
NAA Releases Second Episode of The Apartmentcast
February, 2023 | Updated February, 2023
The NAA Apartmentcast, the official podcast of the National Apartment Association, has released its second episode, which features a sit down with NAA VP of Research Paula Munger for a conversation centered on apartment market trends, the labor market, inflation, demographics, housing affordability…
Apartment Management Once Again Proving Recession-Proof
By Paul Bergeron | February, 2023 | Updated February, 2023
Headlines about significant job layoffs are appearing almost daily as the country moves into 2023 with “recession” on many minds.Workforce reductions have mostly been in the technology industry, but lately, they are showing up elsewhere. But not in apartment management.Apartment management…
Federal Advocacy Outlook: Advocate 2023
By Greg Brown and Nicole Upano | February, 2023 | Updated February, 2023
The 118th Congress Convenes While Republicans took control of the U.S. House of Representatives in early 2023 as expected, no one foresaw the razor-thin four-seat majority (222–213). In the Senate, Republicans were only given a roughly 50/50 chance of taking the chamber, but few expected them…
NAA Update on HUD's Affirmatively Furthering Fair Housing
By Cedric Watkins | January, 2023 | Updated February, 2023
On January 19, 2023, the U.S. Department of Housing and Urban Development (HUD) published a Notice of Proposed Rulemaking in the Federal Register that aims to bolster the mechanisms that allow the agency to enforce the Fair Housing Act’s longstanding requirement to “affirmatively further fair…
White House Renters Bill of Rights’ Principles & Agency Actions
By Ben Harrold | January, 2023 | Updated February, 2023
On January 25, the White House announced a number of actions to advance President Biden’s housing agenda, which are intended to protect renters and promote rental affordability. Key actions include:
Unveiling “Blueprint for a Renters Bill of Rights,” which lays out five principles that President…
Rent Growth Continues 2023 Slide
January, 2023 | Updated January, 2023
Rent growth continues to slow to rates not typically seen at this time of the year. The national rent index for the duration of January declined 0.3%, according to the latest Apartment List National Rent Report. This is the fifth consecutive month of month-to-month declines.“This month’s price dip…
NAA Update on the Biden Administration's "Renters Bill of Rights"
January, 2023 | Updated January, 2023
On January 24, 2022, the National Apartment Association (NAA) participated in a White House call previewing the Administration’s blueprint for advancing a “Renters Bill of Rights,” an explicit campaign promise from President Biden. This call followed months of engagement between NAA and the White…
Renters Insurance Premiums Constant
January, 2023 | Updated January, 2023
Only about half of renters have residents insurance. The 2022 Renter’s Insurance Industry Report from SafeHome.org reports 55% of residents have renters insurance and of those insured, 75% of residents are required to have coverage.The report found the average renters insurance policy was $211 per…
Single-Family Rent Growth Slows
January, 2023 | Updated January, 2023
Single-family rent has declined for seven straight months. The latest Single-Family Rent Index from CoreLogic shows year-over-year (YoY) rent growth in November 2022 at 7.5%. All four pricing tiers measured saw a decline as well.Year-over-year changes across the four tiers—lower-priced, lower-…