This week’s multifamily roundup takes a look at construction starts, the direction of cap rates and interest rates, and the markets attracting high-income renters. First, MultifamilyBiz reports that new construction activity picked up in January following the construction declines seen toward the end of 2018. Next, Nareit offers its outlook on the commercial real estate market by examining how cap rates and interest rates have moved over the last year. Arbor’s Chatter blog analyzes the Las Vegas apartment market, which saw the highest year-over-year rent growth in the U.S. last year, largely due to strong population growth and labor pool. Then, HousingWire breaks down HUD’s recently announced expansion of the FHA low-income housing tax credit financing program for multifamily assets. Finally, Apartment List reveals the top 10 cities for high-income renters, a rapidly growing segment of the rental population.

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Multifamily Housing Construction Starts Bounce Back Following Decline

MultifamilyBiz – February 27

“Multifamily housing bounced back 14% following its 15% December decline, and was up 1% compared to its average monthly pace during 2018.”

What’s Ahead for Cap Rates and Interest Rates?

Nareit – February 26

“Cap rates for most major property types continued to trend downward through 2018, and ended the year near or even below their lows a decade ago.”

Las Vegas Posts Highest Multifamily Rent Growth in U.S. in 2018

Arbor Chatter – February 26

“The Las Vegas multifamily market led the nation with the highest rent growth during 2018, driven by strong migration trends and a high concentration of prime-age workers.”

FHA Significantly Expands LIHTC Financing Program for Multifamily Properties

HousingWire – February 22

“According to HUD, the FHA’s expanded pilot program will ‘ensure faster and more efficient processing for low-risk, LIHTC transactions by eliminating redundant reviews.’”

Where Do Most High-Income Renters Live? Check Out the Top 10 Cities

Apartment List – February 22

“The number of households who earn six figures and choose to rent has grown 48% over the past decade, and now represents the fastest-growing segment of the housing population.”