The latest economic and policy trends facing mortgage servicers

Join this webinar for an in-depth roundtable discussion on economic and policy trends impacting servicers as well as a look ahead at strategies servicers should employ in the next year.

2021 RealTrends Brokerage Compensation Report

For the study, RealTrends surveyed all the firms on the 2021 RealTrends 500 and Nation’s Best rankings, asking for annual compensation data for the 2020 calendar year.

Steve Murray on the importance of protecting property rights

In this episode, Steve Murray, RealTrends advisor and industry stalwart, discusses some of the issues facing private property rights, including how a case in Germany could potentially affect U.S. legislation.

Lenders, it’s time to consider offering non-QM products

The non-QM market is making a comeback following a pause in 2020. As lenders rush to implement, Angel Oak is helping them adopt these new lending products.

Real Estate

Rents are rebounding in cities like Nashville, Tampa, Columbus and Kansas City

But big cities like New York, Boston, LA and San Jose see double-digit drops in executed rent amounts

In April, apartment retention broke records as renters had to stay put due to the pandemic. Come May, apartment operators across the country began to drop rent.

Now, in the week ending June 20, executed rents – a real-time indicator that includes concessions and lease term lengths – for new leases rose 0.08% year over year, according to RealPage.

Although this number is small, it’s a sign of apartment demand rebounding after the last three months of rent declines. In the week ending June 20, total new lease volumes soared by 18.6% year over year.

Renewal pricing was positive in May before dropping back down in June. In the week ending June 20, executed renewal rents dropped 1.9% compared to the year prior. This could reflect on operators focusing on high occupancies, RealPage said.

However, executed rents dropped by double digits in Boston; New York; Los Angeles; San Jose, California and Oakland, California, but took a steep turn in Minneapolis/St. Paul and San Francisco, which means these markets are not benefitting from the rebound in new lease demand.

In the top 50 markets in the U.S., 30 saw positive growth in executed new lease rents during the same time period.

Bigger gains came from markets that are generally slower-paced, RealPage said – such as Virginia Beach, Virginia; Memphis, Tennessee; St. Louis; Greensboro, North Carolina; Jacksonville, Florida; Columbus, Ohio; Tampa, Florida; Cleveland and Kansas City, Missouri.

Meanwhile, generally popular markets recorded flat to modest gains in new lease pricing – Dallas; Fort Worth, Texas; Charlotte, North Carolina; Phoenix; Houston; Denver and Las Vegas.

New lease pricing fell 3% to 5% in key markets – Atlanta; Washington, D.C.; San Antonio; Philadelphia; Miami; Orlando, Florida and Austin, Texas.

While new lease pricing shows signs of recovery, renewal lease pricing remains volatile, RealPage said.

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