The next wave of servicing regulation is coming – Are you ready?

Join this webinar to learn what servicers need to know about recent and upcoming servicing compliance regulations and strategies experts are implementing to prepare for servicing regulatory audits.

Inside Look: RealTrends 2021 Brokerage Compensation Study

Steve Murray, senior advisor to RealTrends, gives an exclusive first look at the 2021 RealTrends Brokerage Compensation Report.

Logan Mohtashami on trends in forbearance exits

In this episode of HousingWire Daily, Logan Mohtashami discusses several hot topics in the housing market, including recent trends in forbearance exits and future homebuyer demand in the midst of inventory shortages.

How lenders can prepare for increasing regulatory pressures

As compliance becomes an increased focal point for mortgage lenders and investors, staying ahead of state and federal regulations can be the difference between a flourishing business and one mired in fines.

Real Estate

These markets will see dramatic multifamily supply hikes this year

Multifamily supply to the rescue

Just a few weeks ago, RealPage revealed that the multifamily residential market will see the most starts it has seen in nearly 30 years in 2020.

Out of the nation’s 50 largest apartment markets, all but six will have more units completed this year than the last, RealPage said.

The most drastic supply hike is predicted to be in Los Angeles. In 2020, there are an expected 17,600 units coming in the City of Angels, the largest supply it has seen in more than 20 years. It’s also about double the average from the past decade.

This supply is much needed, as occupancy rates in Los Angeles have been at 96% for the past five years. Despite this, rent growth in Los Angeles has fallen to its lowest point since the start of this economic cycle, in 2019.

Washington, D.C. will gain 16,000 units in 2020, about 7,800 more than in 2019. Occupancies are at 96%, while rent growth has been below 2% for the past five years.

Houston is also expected to see over 16,000 new apartments in 2020, about 8,500 more units than last year. RealPage said that kind of bump is not surprising for a metro like Houston, which is experiencing rapid population growth. However, due to recent hurricanes and volatile oil prices, the market ended the year with a quarter of net move-outs that brought occupancy down to 93.6%.

Phoenix, Seattle and Fort Lauderdale, Florida are projected to see supply increase by about 4,000 units this year, with Phoenix and Fort Lauderdale both reaching a two-decade peak, RealPage said.

Seattle, meanwhile, is seeing a 20-year high, with 12,700 units set to be completed this year. San Jose, San Francisco and Oakland, California, will also all see significant increases in supply.

Interested in exclusive real estate news and commentary? Join HW’s free twice-weekly newsletter OpenHouse to stay informed. Sign up here!

Most Popular Articles

Treasury removes restrictions on investment properties

The Treasury Department and FHFA announced Tuesday that they are suspending certain requirements that were added in January to the Preferred Stock Purchase Agreements (PSPAs) between Treasury and Fannie Mae and Freddie Mac.

Sep 14, 2021 By

Latest Articles

Natural disasters and forbearance: What borrowers and mortgage servicers need to know

The United States is grappling with a sharp rise in natural disasters, including wildfires, an active hurricane season, floods, tornadoes and mudslides. The mortgage industry needs to be proactive in examining programs to help borrowers recover.

Sep 17, 2021 By
3d rendering of a row of luxury townhouses along a street

Log In

Forgot Password?

Don't have an account? Please