Top stories and aggregated facts on Multifamily Real Estate, curated for Investors and Business Partners.
CGI+ Real Estate Strategies has received full entitlements and will begin development on a major hotel/multifamily/retail multi-use project at the intersection of Wilshire Boulevard and La Brea Avenue in Los Angeles’s Miracle Mile District.
Supply chain and labor issues has not slowed the delivery pace of the new construction pipeline compared to that of recent years, writes Jordan Brooks for ALN Apartment Data, in a September 28 blog.
In fact, approximately 250,000 new units were delivered through August – comfortably above the 200,000 units and 215,000 units from the same portion of 2020 and 2019, respectively. Even as deliveries have ramped up, construction times have maintained their upward trajectory.
While September welcomes the fall season, apartment performance is certainly rising.
Apartment vacancies nationally dwindled to another record low in September at just 2.7%, according to RealPage. This marked the fourth consecutive month of record-breaking lows in a dataset going back three decades.
Rapidly rising housing costs have put increasing pressure on cost-burdened renters, which in turn has led in recent years to growing calls for rent control. However, rent control is counterproductive because it doesn’t address underlying causes of affordability, according to housing experts.
Lifestyle rents continue to outpace renter-by-necessity rents by a 13.4% nationwide growth rate compared to 9.5%, according to September data from Yardi Matrix.
We are pleased to announce CGI+ has received full entitlements for 639 La Brea and are set to begin development on the hotel/multifamily/retail multi-use project in the Miracle Mile/Mid-Wilshire neighborhood.
David Love, III captain of the last U.S. Ryder Cup team to win in 2016, credited former 2008 captain Paul Azinger for setting the stage for future captains of the Ryder Cup of how to think about being a captain.
While it may be challenging for the apartment market to repeat astronomical rent growth from 2021, the outlook remains strong for the next 15 months and beyond.
The apartment market posted torrid growth in 2021, according to a number of industry sources. Apartment List says prices increased more than 11% in the first half of 2021. That growth is double the size of inflation and triple the typical rent growth usually measured...
Asking rents in Los Angeles have increased 7.0% year-over-year as of August, the metro’s highest rate of growth since May 2016, according to Yardi Matrix. That makes the metro part of a national wave that has produced average asking rent growth of 10.3%, which is the highest rate of increase for the U.S. since Yardi began collecting data in the 1908s.