Newsletter – Page 121

Realtor.com® June Rental Report: Rents Surge to New Highs Nationwide

by admin
Comment Off
784 views

The U.S. median rental price increased 8.1% year-over-year to a median of $1,575 – Rental prices reach new highs in 44 of the largest 50 markets, with Riverside, CA, Memphis, TN, Tampa and Phoenix posting year-over-year gains above 20% – Studio, one-bedroom and two-bedroom rents all increased over June 2020, with two-bedroom units seeing the biggest uptick at 10.2% – The U.S. median rent is now $118 more than it was two years ago The shortage of affordable housing inventory forced more prospective homebuyers into the rental market in June, driving the U.S. median rent price to a new high of $1,575, an 8.1% increase year-over-year, according to the Realtor.com® Monthly Rental Report. Additionally, rental prices in 44 of the 50 largest metros broke new records led by Riverside, Memphis, Tampa and Phoenix, which posted gains above 20% year-over-year. “The surge we’re seeing in rental prices is likely to exacerbate the K-shaped, or uneven, nature of the pandemic recovery in the U.S. Rents are rising at a faster pace than income, which is adding to the challenges faced by lower-income Americans as they struggle to recover from job losses and other hardships brought about by COVID,” said Realtor.com® Chief Economist Danielle Hale. “Looking forward, rents aren’t expected to slow unless we see a fundamental shift in the number of homes for sale and for rent.” Hale added, June’s 3.2% price growth over May was more than just the usual seasonal trend of increasing summer rents. Rents typically fluctuate by less than 1% on a monthly basis. In June, rents in all but two of the 50 largest U.S. metros posted month-over-month gains of 1.0% or higher. Miami topped the list at an increase of 7.7% over May, a gain that would be exceptional over the course of 12-months, let alone one. Rents surge to new highs in 44 of the 50 largest U.S. metrosThe spike in demand for housing is putting pressure on markets already challenged by availability and affordability. Similar to the shortage of homes for sale, the number of homes available to rent is historically low, driving competition and surging rental prices. In June, rents in 44 of the 50 largest U.S. markets hit the highest levels seen in the past two years of Realtor.com® data. Additionally, nearly half of these metros posted month-over-month gains at or above the unusually high national rate. For the second straight month, Riverside, CA, Memphis, TN, Tampa and Phoenix held the top spots by rent growth. Rents in these markets grew at a faster pace in June than last month, posting year-over-year gains of 20% or more in June. Riverside saw the highest growth in June, up 24.2% over last year and 4.6% from May (+19.2%) to a median $2,112. Strong demand for more space widens the rent gap between unit sizesThe desire for larger living space increased significantly during the pandemic, and this trend continued to play out this month. Two-bedroom rents increased at the fastest pace of all unit sizes in June, up 10.2% year-over-year to a new high of $1,770. Two-bedroom rents were up 13.6% in June compared to 2019, rising $212 per month in just two years. Although the gap between two-bedroom rents and smaller unit sizes is getting larger, one-bedroom (+8.0%) and studio (+4.0%) rents also posted significant gains in June, with one-bedroom rents reaching a new high of $1,466. More common to crowded cities, studios saw the steepest declines during COVID but are finally catching up with the overall rental market recovery. In June, studio rents rose 5.8% over 2019 to a new two-year high of $1,294. Realtor.com®June 2021 Rental Data – Top 10 Markets for Year-over-Year Rent Increases Rank Metro Median Rent Rent YY 1 Riverside-San Bernardino-Ontario, CA 2,112 24.2% 2 Memphis, TN-MS-AR 1,150 23.0% 3 Tampa-St. Petersburg-Clearwater, FL 1,605 21.1% 4 Phoenix-Mesa-Scottsdale, AZ 1,590 20.9% 5 Sacramento–Roseville–Arden-Arcade, CA 1,821 17.5% 6 Cincinnati, OH-KY-IN 1,200 17.1% 7 San Diego-Carlsbad, CA 2,507 17.0% 8 Las Vegas-Henderson-Paradise, NV 1,397 16.0% 9 Atlanta-Sandy Springs-Roswell, GA 1,590 15.6% 10 Jacksonville, FL 1,310 14.4% About Realtor.com®Realtor.com® makes buying, selling, renting and living in homes easier and more rewarding for everyone. Realtor.com® pioneered the world of digital real estate more than 20 years ago, and today through its website and mobile apps is a trusted source for the information, tools and professional expertise that help people move confidently through every step of their home journey. Using proprietary data science and machine learning technology, Realtor.com® pairs buyers and sellers with local agents in their market, helping take the guesswork out of buying and selling a home. For professionals, Realtor.com® is a trusted provider of consumer connections and branding solutions that help them succeed in today’s on-demand world. Realtor.com® is operated by News Corp [Nasdaq: NWS, NWSA] [ASX: NWS, NWSLV] subsidiary Move, Inc. under a perpetual license from the National Association of REALTORS®. For more information, visit Realtor.com®.

by admin
Comment Off
314 views

All stages of delinquency except for the serious delinquency rate improved over the prior year, signaling improved financial health for borrowers CoreLogic®, a leading global property information, analytics and data-enabled solutions provider, released its monthly Loan Performance Insights Report for April 2021. For the month of April, 4.7% of all mortgages in the U.S. were in some stage of delinquency (30 days or more past due, including those in foreclosure), representing a 1.4-percentage point decrease in delinquency compared to April 2020, when it was 6.1%. This month’s overall delinquency marks the lowest rate in a year. To gain an accurate view of the mortgage market and loan performance health, CoreLogic examines all stages of delinquency. In April 2021, the U.S. delinquency and transition rates, and their year-over-year changes, were as follows: Early-Stage Delinquencies (30 to 59 days past due): 1%, down from 4.2% in April 2020. Adverse Delinquency (60 to 89 days past due): 0.3%, down from 0.7% in April 2020. Serious Delinquency (90 days or more past due, including loans in foreclosure): 3.3%, up from 1.2% in April 2020. Foreclosure Inventory Rate (the share of mortgages in some stage of the foreclosure process): 0.3%, unchanged from April 2020. Transition Rate (the share of mortgages that transitioned from current to 30 days past due): 0.6%, down from 3.4% in April 2020. CoreLogic’s data for April 2021 reports its first year-over-year decrease and the lowest overall delinquency rate since the onset of the pandemic as job and income recovery enables more homeowners to remain or return to “current” mortgage payment status. Additionally, in an effort to help borrowers who are in forbearance programs, financial institutions and government entities are continuing to enact provisions that give homeowners ample opportunity to bounce back and keep their homes. “The sharp rebound in the economy, as well as a potent combination of government fiscal and regulatory help, is fueling unprecedented demand for residential housing and enabling people to buy and stay in their homes,” said Frank Martell, president and CEO of CoreLogic. “The drop in delinquency rates is a further manifestation of the benefits of these tail winds. Barring an unforeseen change, we expect rates to continue to fall and home prices rise over the next 12-to-18 months.” “Natural hazard events and job loss in the oil and gas industry during the past year continue to affect local delinquency rates, despite a general decline in delinquency rates in many urban areas,” said Dr. Frank Nothaft, chief economist at CoreLogic. “Of all metros, Odessa and Midland, Texas, had the largest one-year jumps in serious delinquency rates, followed by Lake Charles, Louisiana, which was hit hard by Hurricanes Laura and Delta in 2020.” State and Metro Takeaways: In April, nearly all U.S. states logged a decrease in annual overall delinquency rates (only Wyoming experienced a slight increase with a 0.1 percentage-point uptick), and a significant portion of metro areas posted at least a small annual decrease, with only eight experiencing a year-over-year increase. Among metros, Odessa, Texas, still recovering from job losses in the oil industry, had the largest annual overall delinquency increase with 2.4 percentage points. Other metro areas with significant overall delinquency increases included Midland, Texas (up 2.3 percentage points); Lake Charles, Louisiana (up 0.8 percentage points); Enid, Oklahoma (up 0.7 percentage points) and Casper, Wyoming (up 0.6 percentage points). The next CoreLogic Loan Performance Insights Report will be released on August 10, 2021, featuring data for May 2021. For ongoing housing trends and data, visit the CoreLogic Intelligence Blog: www.corelogic.com/intelligence. Methodology The data in The CoreLogic LPI report represents foreclosure and delinquency activity reported through April 2021. The data in this report accounts for only first liens against a property and does not include secondary liens. The delinquency, transition and foreclosure rates are measured only against homes that have an outstanding mortgage. Homes without mortgage liens are not subject to foreclosure and are, therefore, excluded from the analysis. CoreLogic has approximately 75% coverage of U.S. foreclosure data. About CoreLogic CoreLogic, the leading provider of property insights and solutions, promotes a healthy housing market and thriving communities. Through its enhanced property data solutions, services and technologies, CoreLogic enables real estate professionals, financial institutions, insurance carriers, government agencies and other housing market participants to help millions of people find, buy and protect their homes. For more information, please visit www.corelogic.com. CORELOGIC and the CoreLogic logo are trademarks of CoreLogic, Inc. and/or its subsidiaries. All other trademarks are the property of their respective owners.

by admin
Comment Off
524 views

New additions bring an abundance of knowledge and expertise from the areas of finance, technology and real estate. Bruce Schuman, formerly with Intel Capital, takes over as LendingHome’s chief financial officer. Cherie Yu, formerly with Lyft and Google, is named chief marketing officer. Roberta Sydney joins the board of directors as an independent director following a successful 30-year career in real estate. LendingHome, one of the nation’s largest lenders to real estate investors, announced it has hired Bruce Schuman, the former chief financial officer at Intel Capital – the venture capital arm of chipmaker Intel and one of the world’s largest corporate VC funds – as the company’s new CFO. The company also named Cherie Yu, formerly with Lyft and Google, as chief marketing officer and added Roberta Sydney, a real estate entrepreneur, CEO and senior corporate executive with a long record of leading successful companies, to its board of directors.These strategic additions bring the kind of talent and experience needed to help LendingHome maintain its rapid growth, according to Michael Bourque, LendingHome CEO. “All three of these talented leaders know firsthand the disruptive impacts that ground-breaking technology, high-volume data and imaginative thinking can have on legacy industries,” said Bourque, the former GE executive who took over as CEO in December. “They learned it at Intel and Google or from spending decades in real estate creating value. This kind of knowledge and ability is essential for LendingHome, which relies on leveraging artificial intelligence and massive amounts of data to help real estate investors unlock value in aged homes.” LendingHome created a unique position for itself in a vital U.S. industry. As the market for residential real estate continues to heat up, investors remain on the hunt for fixer-uppers they can renovate and sell for a profit – all the while helping to reduce the housing shortage. LendingHome has grown its business by providing residential real estate investors with reliable, fast and hassle-free financing. To date, LendingHome has provided $7.8 billion in loans, covering 35,000 projects, helping real estate investors create more than $3.8 billion of value in their renovations of aged homes. At the core of this success are the proprietary machine learning and predictive-analytics built to help investors avoid overextending themselves. “Throughout my career, I’ve had the privilege to see firsthand the power of technology to improve people’s lives,” said Schuman, LendingHome’s new CFO. “I am thrilled to join the LendingHome team, which is truly transforming real estate lending, one of the most important market segments in the United States.” During his more than 25 years at Intel, Schuman oversaw large finance organizations for numerous lines of business and functions, including the Data Center Products Group, Supply Chain, and Corporate Strategy. Schuman brings innovative thinking and a successful track record working with startups to LendingHome’s technology-driven approach. Schuman will oversee all finance functions, including FP&A, Accounting and Treasury, and will report to Bourque. Yu led the Local Marketing team at Lyft, the publicly traded ride-sharing company. Prior to that, she worked at Google overseeing marketing for such marquee services and programs as AdSense, Display, Ad Management, and Shopping. “It’s inspiring to see how LendingHome is bringing a data-driven approach to help real estate investors unlock the true value of America’s aged housing stock and create homes for more families during this housing shortage,” Yu said. Sydney is a 30-year veteran of the real estate industry. She founded and operated her own real estate firm for decades and achieved success in a huge swath of industry segments, including commercial, residential, development and construction – she financed over $1 billion in real estate transactions across multiple market cycles throughout her career. “I’m looking forward to advising LendingHome,” Sydney said. “This is an excellent opportunity to draw on my experience running a mortgage company, founding and operating a real estate development and management firm, and mentoring other FinTech and PropTech startups. I believe in the products and people at LendingHome and I’m excited to work with the team.” Schuman and Yu are respectively based in Portland, Ore., and the San Francisco Bay Area and both will work remotely. About half of all new hires since the start of the COVID-19 pandemic were located outside of the markets where LendingHome has offices. Leadership believes a remote-first work policy is more productive, meets staff needs, and helps attract top talent. About LendingHome LendingHome is now one of the nation’s top lenders for residential investors with more than $7.8 billion in loans originated to date. Established in 2013, LendingHome makes it easy for professional and first-time real estate investors to quickly and reliably receive the financing they need for their projects and businesses to thrive. Using a powerful combination of innovative technology and expert advice, LendingHome is adding flexibility and simplicity to every step of the real estate investment process. For further information, please visit lendinghome.com. NMLS ID #1125207

by admin
Comment Off
481 views

SVN | SFR Capital Management (“SVN | SFR”), a private commercial real estate investment firm dedicated to the single-family Build-for-Rent (“BFR”) housing sector, and Walton Global Holdings USA (“Walton”), a global real estate investment and land asset management company with US$3.4 billion in assets under management, announced the formation of a joint venture that will construct and operate BFR single-family residential rental home communities nationwide. The partnership anticipates new construction of multiple BFR communities annually over the next several years. The first purpose-built communities are slated to commence development in 2022 in Colorado and Texas that will be constructed by a homebuilder selected by the joint venture partners for aggregation into a large-scale portfolio of rental home communities. “Partnering with Walton is an exceptional opportunity to leverage and collaborate across our collective land, development, homebuilding, asset management and rental home operating platform to provide residents in the U.S. with quality, affordable housing in beautiful, well located master-planned communities,” said Jeff Cline, CEO of SVN | SFR Capital Management. He added, “With the continuing shortage of affordable homes and strong projected rent growth, we believe timing in the marketplace, land access and our strategic vision will lead us to become a leading group in the BFR investment segment.” According to Bill Doherty, CEO of Walton, “Acquiring land in growth areas is one of the industry’s biggest challenges.” He added, “Our 81,000-acre land portfolio offers availability of land and lots that is unique in this industry. Our more than 180 master plans in the U.S. have been acquired years in advance, so our joint ventures have access to an established pipeline that is growing. We also recognize that all metros are not created equal; each metro has its own unique needs and requirements. Our BTR program is based on a highly strategic, selective approach. We are searching for key partners that meet certain criteria in various areas across the country to execute our plan. We are very pleased to be working with SVN as one of our select partners.” COVID-19 has tested and proven the strong financial performance and occupancy growth in the single-family rental home sector. Based on the largest public, single-family rental and BFR transactions, John Burns Real Estate Consulting estimates total 2021 transactions (from January through June) to be over $18 billion. Equity investment in the space is expected to grow in 2022 and 2023. With demand for single-family housing and BFR developments at an all-time high across population segments (including millennials, young families with children and baby boomers), all of whom are seeking space, location and professional home management, the joint venture is targeting additional land development communities in key markets across the country. About SVN | SFR Capital ManagementSVN | SFR Capital Management, (“SVN | SFR”), based in New York, NY, is a private, commercial real estate investment firm dedicated to investment in the Build-for-Rent (“BFR”) asset class across the U.S. SVN International Corp. (“SVNIC”), a globally recognized, Boston-based, full-service CRE advisory firm, is an affiliated entity. SVN is advised by McIntyre Capital Partners, LLC, a registered broker-dealer with the U.S. Securities and Exchange Commission (“SEC”) and a member of FINRA and SIPC. SVN | SFR intends to aggregate approximately 35,000 new construction BFR homes in the near-term through an initial allocation of $2 billion in equity and debt capital from institutional investors, to aggregate into a large-scale commercial real estate portfolio for eventual disposition. For more information call 602.466.1381 or email SFRCapitalManagement@svn.com. About Walton International Group USAWalton is a privately owned, leading global real estate investment, land asset management and administration company focusing on strategically located land in major growth corridors for more than 42 years. The company manages and administers US$3.4 billion of real estate assets in North America, on behalf of its investors and business partners. Walton has more than 98,000 acres of land under ownership, management and administration in the United States and Canada. Key entities in the Walton Group of Companies include Walton Global Holdings, Walton International Group and Walton Development and Management. For more information visit walton.com.

by admin
Comment Off
473 views

ApartmentAdvisor Report Highlights U.S. Metro Areas with Highest and Lowest Availability of Dog-Friendly Rentals ApartmentAdvisor (www.ApartmentAdvisor.com), an apartment rental search platform, released a report showing the metro areas where dog-owners are most and least likely to find a rental that will accommodate their pooch. The company studied the availability of pet-friendly rentals in the top fifty most populated metro areas of the United States, analyzing tens of thousands of apartment rental listings. Overall, just under half (49%) of the total units were advertised as “dog-friendly” and only 30% were advertised as “large-dog-friendly.” However, some metro areas had a much higher proportion of availability than others. The Austin, TX area topped the list, with 83% of all available rentals listed as dog friendly. Other Texas metro areas including San Antonio, Houston and Dallas also showed high availability of dog-friendly listings. Among the large metro areas with the lowest proportions of dog-friendly inventory were Washington, D.C., Providence, RI, San Jose, CA and Boston, MA metro areas. A surge in dog ownership was a silver lining of the COVID-19 pandemic, with increased dog adoption rates at animal shelters, and many people enjoying the companionship of their new canines while staying socially distant from other humans. But for new dog-owners, finding an apartment that is dog-friendly can be extra challenging since not all property managers welcome pets. A recent survey conducted by ApartmentAdvisor of urban renters* showed that the majority (58%) of dog-owning city dwellers described the process of finding a pet-friendly rental as somewhat or extremely difficult. “Since dog policies can vary greatly among property owners, it’s always been a bit more challenging for dog owners to find the right apartment rental,” said Tom Gilmore, CEO of ApartmentAdvisor. “However, it’s clear from our data that dog owners in some areas are facing better odds than others of finding a place that will welcome their pooch. Still, even for dog owners that are apartment hunting in the most dog-friendly rental cities, we recommend building in a lot of extra time for your search, using the right online search tools and budgeting for additional pet fees and pet rent.” ApartmentAdvisor analysts say that while every apartment community has their own specific pet policies, generally smaller properties and individual owners tend to have more restrictive pet rules. Larger and newer apartment communities tend to be more pet-friendly, as property managers seek to attract a larger pool of prospective residents and increase revenue through pet fees and pet rent. Some newer buildings even offer specific pet amenities including on-site dog parks and community dog wash stations. Tips for Renting with a Pet Once dog-owners find their perfect pet-friendly place, ApartmentAdvisor recommends taking the following important steps when signing their lease: Get your pet agreement in writing: Be sure to review the lease carefully to be sure any “no pet” clause is removed. Ask the owner for a pet addendum that includes all pet fees and pet rent details, and any pet-specific policies that you have discussed. Putting everything in writing will protect you and the property owner from any misunderstandings in the future. Clarify the pet policies: Ask the property owner to outline specific pet guidelines for the building in writing. Are there public areas of the building that pets are prohibited (such as elevators or patios)? What is the policy on cleaning up after your dog when using outdoor space at your building? Having clear written guidelines on pet policies will not only help you but can also be useful when navigating any issues or concerns that arise with neighbors in the future. Get renter’s insurance: Whether or not you have a pet, renter’s insurance is a good idea. If you have a pet, having an insurance policy with liability coverage becomes even more important. Your landlord might even require it if you have a pet. Contact your insurance company to learn more about your liability coverage, and whether it covers you for damages caused by your pet. In some cases, you may want to consider additional pet liability insurance. Renters looking for pet-friendly apartments can use the pet-friendly rentals filter at ApartmentAdvisor, and they can also find additional tips for finding a pet-friendly rental here. For the full ranked list of all metros, contact pr@apartmentadvisor.com. About ApartmentAdvisor ApartmentAdvisor (www.apartmentadvisor.com) helps renters easily find the right apartment. The company is building a rental search platform that combines rigorous rent price analytics with neighborhood insights from local residents, empowering renters with a more transparent way to compare prices, features and locations of available apartments. ApartmentAdvisor was founded in 2020 by a team of founders and engineers from TripAdvisor and CarGurus, including Langley Steinert (co-founder of TripAdvisor and founder and executive chairman at CarGurus); Tom Gilmore (founder and CEO of VacationHomeRentals, sold to TripAdvisor); Josh Arnold (engineering at TripAdvisor and director of data science for MineralTree); and Oliver Chrzan (former chief technology officer at CarGurus). The company is based in Cambridge, MA.