Multi-Housing Cap Rates Have Increased 150 Basis Points, According to CBRE
Boston-- Cap rates increased by approximately 150 basis points, on average, from May 2008 to March 2009, according to the CB Richard Ellis (CBRE) 2009 Multi-Housing Annual Market Report, which surveys 35 U.S. markets.
Apartment Vacancy Rates Jump to Over 7% in 1Q 2009
Washington, D.C.--National vacancy rates for rental housing in the first quarter of 2009 were 10.1 (+ 0.4) percent, according to the latest figures released by the Census Bureau. Meanwhile, apartment vacancy rates for the same time period stood at 7.2 percent, Grub and Ellis found.
Multi-Housing Starts Fall 42% Since February’s Slight Uptick
Washington, D.C.--The latest starts figures are out, and multifamily starts for March are down again after a slight uptick seen in February. Starts, which were 119,000 units in January, went up slightly to 202,000 in February and are now down to 116,000, according to the latest report released by the U.S. Census Bureau and the Department of Housing and Urban Development (HUD).
Condo Sales Drop in March, But Number of First Time Homebuyers Is Up, Says NAR
Washington, D.C.--Existing-home sales (including single-family, condos and townhomes) eased in March but first-time buyers are responding to low mortgage interest rates and tax credits, according to the National Association of Realtors.