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  • Market Commentary Blog

    Construction of Multifamily Housing Continues to Ramp Up

    Construction of new multifamily housing increased to a 381,000 unit seasonally adjusted annual rate in January, as robust demand for rental housing and record prices of apartment buildings provide strong incentives to build new supply. Multifamily housing starts are running nearly four times the average pace during 2009 and 2010, prompting some fears of overbuilding. A peek a bit further back in time, however, casts the recent trends in a bit different perspective. 
  • Nareit Developments blog

    REITs in the Community: Indianapolis-based REITs

    Eric Holcomb (second from left) State Chief of Staff to Sen. Dan Coats (R-IN), who was recently appointed to the Senate Finance Committee, met with executives from several Indianapolis-based REITs to discuss a variety of issues critical to the REIT and publicly-traded real estate industry. Mr. Holcomb was briefed on the current status of REITs based in Indiana and the economic impact these and other REITs provide in communities across the country.
  • Market Commentary Blog

    Commercial Property Update 2014:Q4

    The apartment sector remains robust. Vacancy rates continued at 4.2%, a decade-low level that indicates little (if any) excess supply. An acceleration in the national job market has spurred household formation and continues to fuel strong rental demand. Rent growth eased to a 2.5% annual rate; this slowing may be due to seasonal demand weakness during the fall. 
  • Market Commentary Blog

    Job Market Off to a Roaring Start in 2015

    The job market got off to a roaring start in 2015—and, as it turns out, hiring was also stronger at the end of 2014 than was initially reported. According to the most recent data, nonfarm payroll employment rose by 257,000 in January, and the average monthly growth for Q4 was revised up to 324,000—well above the 289,000 that was previously published (chart 1). Most sectors posted robust job gains, including construction, manufacturing, retail trade, business services, and health care and hospitality. Government employment declined slightly.
  • Market Commentary Blog

    Demand for Rental Housing Posts Record Increase in 2014

    The fundamentals for the apartment sector are rapidly improving as the job market recovery gains momentum. Demand for rental housing surged in 2014, with the total number of occupied rental units increasing by 2 million units (first slide). This is a record increase in rental occupancy, according to Census Bureau data beginning in 1965, surpassing by a wide margin the previous record rise in rental occupancy of 1.5 million at the onset of the housing crisis in 2007.
  • Market Commentary Blog

    Economic Growth Cools in Q4; Outlook Remains Positive

    GDP growth slowed to a 2.6 percent annual rate in the fourth quarter, from 5.0 percent in Q3. Despite the deceleration in the headline number, however, the report was strong where it counts. Consumer spending, the mainstay of the U.S. economy, accelerated to a 4.3 percent annual growth rate, the strongest gain since 1993. The slowdown in overall growth stems from a decline in net exports due to weaker growth abroad and a stronger dollar.
  • Market Commentary Blog

    REITs Among Few Bright Spots In The Stock Market During January

    Listed U.S. REITs returned +7.53% during January 2015 according to the FTSE NAREIT All REIT Index, which measures the total returns (stock price appreciation plus dividend payments) of all REITs traded on major stock exchanges in the U.S.  In contrast, the broad U.S. stock market suffered a decline at -1.47% according to the Dow Jones U.S. Total Stock Market Index.  Small-cap value stocks—sometimes mistakenly considered similar to REITs—did even worse at -2.11% according to the Russell 2000 Value Index, while large-cap stocks also underperformed at -1.73% according to the S&P 500 Index.