The key to implementing non-QM products

With the refi boom falling off and the margin compression happening to lenders nationwide, lenders are looking at non-QM to help fill in those gaps. Learn how to implement non-QM products here!

RealTrends 2021 Team Profitability Study

Brokerage firms have often speculated about how well teams perform from a profit and loss point of view, as well as how productive they are. In this research study, RealTrends answers these two big questions.

Proven Strategies for Accelerating eMortgage Adoption with Freddie Mac and Better

This webinar will cover how the industry is working to overcome challenges lenders experience in adopting eClosings. You’ll hear from industry leaders at Snapdocs, Freddie Mac and Better Mortgage. Register now!

Logan Mohtashami on existing home sales, mortgage rates

Today’s HousingWire Daily begins the Rundown miniseries where HousingWire’s Editor-in-Chief Sarah Wheeler and Lead Analyst Logan Mohtashami will talking about housing and economics every Monday.

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.

Leave a Reply

Your email address will not be published. Required fields are marked *

3d rendering of a row of luxury townhouses along a street

Log In

Forgot Password?

Don't have an account? Please