Orange County’s multifamily fundamentals were a mixed bag at the close of the third quarter. Rent performance recovered after six consecutive months of declines, as the average rent rose 0.3% to $2,121, on a trailing three-month basis as of September.
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While owners of lower B and C apartments might be struggling now, there are many tailwinds behind rental housing. While the eviction moratoriums could be problems for many landlords, Class A apartment owners aren’t as concerned about their impact on their portfolios. “Fundamentally, we don’t think these eviction moratoriums are negatively affecting us,” Ric Campo, Chairman and CEO of apartment REIT Camden, who says his company has had no layoffs and gave bonuses to onsite workers. “In terms of the CDC [eviction moratorium], it’s just not affecting us that much because our renters aren’t affected as much..”
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According to a recent Zillow report, monthly mortgage payments are getting more affordable for most Americans. In fact, Zillow reports that mortgage rates for U.S. homeowners have actually hit all-time record lows.
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The competition among homebuyers is intense and home prices have been soaring in recent months. The cause of this heated competition and rising prices is the short supply of homes for sale. This lack of inventory has been prevalent across the country since COVID-19.
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The COVID-19 pandemic has been the impetus for federal foreclosure prevention measures. Many states also have taken their own measures. The legal-news site JDSupra has provided a summary of the most-recent statewide foreclosure and eviction moratoria updates.
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The 2020 recession is impacting different income classes in divergent ways, leading some to label the current recession and recovery as K-shaped.
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Could anyone had predicted one year ago that a major topic in Presidential debates and campaigns would revolve around mask-wearing? It has been that crazy of a year.
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Fitch says that renters could relocate to more affordable suburban and Sunbelt markets as they seek more space.
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In September, late payments for agency loans rose to 1.4% from 0.46% in August. Non-agency late payments rose from 1.83% in August to 2.78% in September.
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Currently, multifamily mortgage delinquency levels are up only slightly from pre-pandemic levels for both affordable housing and market-rate housing loans in CMBS transactions.
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