The Federal Housing Finance Agency (FHFA) announced today that the 2023 multifamily loan purchase caps for Fannie Mae and Freddie Mac (the Enterprises) will be $75 billion for each Enterprise, for a combined total of $150 billion to support the multifamily market. The 2023 caps reflect an anticipated contraction of the multifamily originations market in 2023.
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Are you thinking of selling your multi-family property?
Here are some of the most frequently asked questions we get from clients looking to sell multifamily properties in Chicago.
While rising inflation can be both disruptive and worrisome to multifamily owners, investors, and employees, the outlook for rental housing remains favorable.
It doesn’t really matter what the current real estate market is like if you are looking to replace the investment property with another investment property, the ultimate decision to sell should also be based upon if you can increase your returns with the new replacement property, not what state the current market is in now.
Because there is a correlation between inflation and goods with a limited supply, CPI also impacts real estate investments and housing costs. Here’s how rising costs affect real estate investments and why making smart real estate purchases can benefit you in periods of high inflation
Market Trends
Do I need an attorney for my commercial real estate deal or is my broker enough protection?
A broker is a licensed professional who you hire to negotiate the sale or purchase of a real estate for a fee or a commission. However, they are typically not attorneys.
Though wage growth and employment rates are also focuses of Fed policy, a retreat in inflation could give the financial regulator a signal that the aggressive interest rate hikes it pursued this year are no longer necessary.
As many of our Multifamily Clients hire 3rd party Property Management Companies, we are sharing a recent review list of the top 20 Property Management Companies of 2022.
Renters insurance compliance is a problem that multifamily can no longer ignore – the risks and costs are far too great to let it continue slipping through the cracks.
Aurora is forming a tax increment financing district to help pay for $50 million in benefits for the development of a new complex for the Hollywood Casino.
Climate change, shifting criteria, and growing complexity in assets are facilitating an evolution in commercial real estate valuation.
The increasing cost of capital and mounting concerns about ex-ante exit cap rates will ultimately drive buyers’ bids lower and property yields higher for the multifamily sector. So, multifamily property values will face pressure from both the Fed pushing rates and banks following suit with loan interest rates.
While many are trying to figure out if we are in a recession yet or not, fundamentals in multifamily are “still fairly strong
Year-over-year rent increases slowed but are still up 8.8 percent last month. September apartment rents are down month-over-month, in what experts from Rent.com call “a hopeful sign” the market is stabilizing.
Chicago’s once-red-hot multifamily investment market has chilled a few degrees amid higher interest rates, rising inflation and more big investors sitting on the sidelines to see how it all plays out. But there are still deals to be had, money at the ready, and fundamentals like a gaping housing shortage that had panelists at Bisnow Multifamily Annual Conference in Chicago confident any lull in the action will be temporary.
Data is backing up what many multifamily buyers and sellers already know —cap rates are rising in apartments around the country.
Coming off a year in which the apartment industry arguably turned in its best performance on record, owners and operators are facing more challenges in 2022.
Market Trends
More people are renting than ever. But what Chicago zip codes boast the highest share of renters?
With the cost of building a home at an all-time high, the dream of homeownership is taking a backseat for many people in America. Renting is at the highest level in half a century, and 43.7 million U.S. households are currently making do in rented apartments.
Market Trends
Here come the renters: U.S. households living in rental units hits 55-year high in 2021
How strong is the country’s multifamily market? A new study by RentCafe found that 43.7 million U.S. households lived in rentals in 2021. That’s the highest this figure has been in the last 55 years.
For many property investors, hiring a property manager is well worth the property management fees charged. It’s efficient to pay someone else who specializes in this work to take care of everything.
Market Trends
Chicago Unveils Effort To Create Hundreds of Affordable Apartments in Converted Office Buildings
>Chicago officials are soliciting proposals to convert vintage office buildings into hundreds of affordable apartments on a stretch of the city’s one-time LaSalle Street financial corridor that in recent years has lost large tenants to new developments.
U.S. apartment sales during the past nine months have outpaced last year but some analysts say it could fall short in the fourth quarter of reaching 2021’s record level.
We won’t see something like 2008 again,” Summers said, noting that homeowners are much less leveraged, inventory is not overbuilt and lenders are stronger and much more careful in underwriting mortgages than they were during the sub-prime crisis.
The multifamily asset class will remain a safe place to deploy capital despite rising rates and inflation, one industry watcher tells GlobeSt.com.
There have been growing concerns about inflation across the commercial real estate sector, but the overall economic outlook is positive.
Downtown multifamily construction has flourished across the U.S. over the last decade in response to people’s changing preferences. Even with many people’s shift to suburban life caused by COVID-19, the shine of city living has yet to be dimmed.
Multifamily Investment Sales Broker at eXp Commercial
Randolph is a Multifamily Investment Sales Broker servicing Multifamily Buyers and Sellers in the Greater Chicago Area.
P 630.474,6441
E [email protected]
P 630.474,6441
E [email protected]
Latest posts by Randolph Taylor (see all)
- 2023 Demand for Apartment Buildings Will Remain Strong - January 19, 2023
- Commercial Rate Snapshot January 16 2023 - January 16, 2023
- Earn MiCP Designation (Masters in Commercial Property) with eXp Realty - January 13, 2023
Source: eXp Commercial Partner O’Connor Focuses on Property Tax Reduction
Multifamily Investment Sales Broker at eXp Commercial
Randolph is a Multifamily Investment Sales Broker servicing Multifamily Buyers and Sellers in the Greater Chicago Area.
P 630.474,6441
E rta[email protected]
P 630.474,6441
E rta[email protected]
Latest posts by Randolph Taylor (see all)
- 2023 Demand for Apartment Buildings Will Remain Strong - January 19, 2023
- Commercial Rate Snapshot January 16 2023 - January 16, 2023
- Earn MiCP Designation (Masters in Commercial Property) with eXp Realty - January 13, 2023
Source: Record-low vacancy rates mean a good second half of 2022 for multifamily
Market Trends
HUD Announces Increased Payment Standards, More Vouchers | National Apartment Association
Multifamily Investment Sales Broker at eXp Commercial
Randolph is a Multifamily Investment Sales Broker servicing Multifamily Buyers and Sellers in the Greater Chicago Area.
P 630.474,6441
E [email protected]
P 630.474,6441
E [email protected]
Latest posts by Randolph Taylor (see all)
- 2023 Demand for Apartment Buildings Will Remain Strong - January 19, 2023
- Commercial Rate Snapshot January 16 2023 - January 16, 2023
- Earn MiCP Designation (Masters in Commercial Property) with eXp Realty - January 13, 2023
Source: HUD Announces Increased Payment Standards, More Vouchers | National Apartment Association
Market Trends
Higher-Income Renters Pay the Biggest Rent Hikes and are Least Likely to Miss a Rent Payment
Multifamily Investment Sales Broker at eXp Commercial
Randolph is a Multifamily Investment Sales Broker servicing Multifamily Buyers and Sellers in the Greater Chicago Area.
P 630.474,6441
E [email protected]
P 630.474,6441
E [email protected]
Latest posts by Randolph Taylor (see all)
- 2023 Demand for Apartment Buildings Will Remain Strong - January 19, 2023
- Commercial Rate Snapshot January 16 2023 - January 16, 2023
- Earn MiCP Designation (Masters in Commercial Property) with eXp Realty - January 13, 2023
Source: Higher-Income Renters Pay the Biggest Rent Hikes and are Least Likely to Miss a Rent Payment
Multifamily Investment Sales Broker at eXp Commercial
Randolph is a Multifamily Investment Sales Broker servicing Multifamily Buyers and Sellers in the Greater Chicago Area.
P 630.474,6441
E [email protected]
P 630.474,6441
E [email protected]
Latest posts by Randolph Taylor (see all)
- 2023 Demand for Apartment Buildings Will Remain Strong - January 19, 2023
- Commercial Rate Snapshot January 16 2023 - January 16, 2023
- Earn MiCP Designation (Masters in Commercial Property) with eXp Realty - January 13, 2023
Source: 5 Incentives to Increase Multifamily Lease Renewals
Multifamily Investment Sales Broker at eXp Commercial
Randolph is a Multifamily Investment Sales Broker servicing Multifamily Buyers and Sellers in the Greater Chicago Area.
P 630.474,6441
E [email protected]
P 630.474,6441
E [email protected]
Latest posts by Randolph Taylor (see all)
- 2023 Demand for Apartment Buildings Will Remain Strong - January 19, 2023
- Commercial Rate Snapshot January 16 2023 - January 16, 2023
- Earn MiCP Designation (Masters in Commercial Property) with eXp Realty - January 13, 2023
Source: Why One Industry Vet Says Now Is The Golden Age Of Multifamily Investment
Multifamily Investment Sales Broker at eXp Commercial
Randolph is a Multifamily Investment Sales Broker servicing Multifamily Buyers and Sellers in the Greater Chicago Area.
P 630.474,6441
E [email protected]
P 630.474,6441
E [email protected]
Latest posts by Randolph Taylor (see all)
- 2023 Demand for Apartment Buildings Will Remain Strong - January 19, 2023
- Commercial Rate Snapshot January 16 2023 - January 16, 2023
- Earn MiCP Designation (Masters in Commercial Property) with eXp Realty - January 13, 2023
Source: How To Lower Your Taxes As a Real Estate Investor
Multifamily Investment Sales Broker at eXp Commercial
Randolph is a Multifamily Investment Sales Broker servicing Multifamily Buyers and Sellers in the Greater Chicago Area.
P 630.474,6441
E [email protected]
P 630.474,6441
E [email protected]
Latest posts by Randolph Taylor (see all)
- 2023 Demand for Apartment Buildings Will Remain Strong - January 19, 2023
- Commercial Rate Snapshot January 16 2023 - January 16, 2023
- Earn MiCP Designation (Masters in Commercial Property) with eXp Realty - January 13, 2023
Source: No huge drop-off coming: Multifamily market expected to remain hot into 2023
Multifamily Investment Sales Broker at eXp Commercial
Randolph is a Multifamily Investment Sales Broker servicing Multifamily Buyers and Sellers in the Greater Chicago Area.
P 630.474,6441
E [email protected]
P 630.474,6441
E [email protected]
Latest posts by Randolph Taylor (see all)
- 2023 Demand for Apartment Buildings Will Remain Strong - January 19, 2023
- Commercial Rate Snapshot January 16 2023 - January 16, 2023
- Earn MiCP Designation (Masters in Commercial Property) with eXp Realty - January 13, 2023
Source: Tax Efficient Growth with 1031 Exchanges
Multifamily Investment Sales Broker at eXp Commercial
Randolph is a Multifamily Investment Sales Broker servicing Multifamily Buyers and Sellers in the Greater Chicago Area.
P 630.474,6441
E [email protected]
P 630.474,6441
E [email protected]
Latest posts by Randolph Taylor (see all)
- 2023 Demand for Apartment Buildings Will Remain Strong - January 19, 2023
- Commercial Rate Snapshot January 16 2023 - January 16, 2023
- Earn MiCP Designation (Masters in Commercial Property) with eXp Realty - January 13, 2023
Source: Why These CRE Sectors Provide Safer Harbors
Multifamily Investment Sales Broker at eXp Commercial
Randolph is a Multifamily Investment Sales Broker servicing Multifamily Buyers and Sellers in the Greater Chicago Area.
P 630.474,6441
E [email protected]
P 630.474,6441
E [email protected]
Latest posts by Randolph Taylor (see all)
- 2023 Demand for Apartment Buildings Will Remain Strong - January 19, 2023
- Commercial Rate Snapshot January 16 2023 - January 16, 2023
- Earn MiCP Designation (Masters in Commercial Property) with eXp Realty - January 13, 2023
Source: Confused about the housing market? Here’s what’s happening
Multifamily Investment Sales Broker at eXp Commercial
Randolph is a Multifamily Investment Sales Broker servicing Multifamily Buyers and Sellers in the Greater Chicago Area.
P 630.474,6441
E [email protected]
P 630.474,6441
E [email protected]
Latest posts by Randolph Taylor (see all)
- 2023 Demand for Apartment Buildings Will Remain Strong - January 19, 2023
- Commercial Rate Snapshot January 16 2023 - January 16, 2023
- Earn MiCP Designation (Masters in Commercial Property) with eXp Realty - January 13, 2023
Source: Fed’s Beige Book Is a Mix of News for CRE
Preliminary data shows a 440-basis-point annual drop in vacancy within Chicago proper at the end of March. Competition for units here is likely to result in sharp rent climbs this year, especially in locales like Lincoln Park, Ukrainian Village, and Andersonville.
Multifamily Investment Sales Broker at eXp Commercial
Randolph is a Multifamily Investment Sales Broker servicing Multifamily Buyers and Sellers in the Greater Chicago Area.
P 630.474,6441
E [email protected]
P 630.474,6441
E [email protected]
Latest posts by Randolph Taylor (see all)
- 2023 Demand for Apartment Buildings Will Remain Strong - January 19, 2023
- Commercial Rate Snapshot January 16 2023 - January 16, 2023
- Earn MiCP Designation (Masters in Commercial Property) with eXp Realty - January 13, 2023
The sequence of rate hikes decay housing affordability. In late July, the Federal Reserve again lifted the overnight rate by 75 basis points to a target range of 2.25 to 2.50 percent. This will likely apply additional upward pressure to mortgage rates, with the 30-year fixed rate already climbing more than 200 basis points […]
Apartment rents across the U.S. are surging in almost 400 cities, with the average price for a 1-bedroom having shot up more than 25% since June 2021, according to Rent.com. The typical cost for a two-bedroom unit is up 26.5% over that period.
company news, Market Trends
eXp World Holdings Reports Record Second Quarter 2022 Revenue of $1.4 Billion
Xp World Holdings, Inc. (Nasdaq: EXPI), (or the “Company”), the holding company for eXp Realty®, Virbela and SUCCESS® Enterprises, today announced financial results for the second quarter ended June 30, 2022.
Fiscal Year 2023 (FY23) appropriations are in full swing. The House has already quickly passed its proposals out of the subcommittee and full committee including the spending bill which includes funding for the U.S. Department of Housing and Urban Development (HUD).
Slowing construction will likely keep multifamily supply and demand in balance for some time despite fears of a recession, according to some analysts.
As American renters continue to reel from rising housing costs, Wall Street investors are betting that housing will get even pricier relative to the costs of other goods and services.
Amidst demographic shifts and lingering pandemic-impacts on the population and broader economy, the U.S. faces a pressing need to build 4.3 million new apartments by 2035, according to a new study commissioned by the National Apartment Association (NAA) and the National Multifamily Housing Council (NMHC).
About 13,600 units were absorbed in 2021, even though just 4,250 rentals were completed, the Chicago Business Journal reported, citing Marcus & Millichap’s latest Chicago Multifamily Market Report.
Bidding wars have long been a staple of boiling real estate markets, where buyers compete with offers above the seller’s listing price. Today, these contests are becoming more common in the rental market.
Millennials could be the next wave of real estate investment property owners. According to a recent report from Harris Interactive, 55 percent of millennials said they were interested in real estate investing.
The legislation, if passed, can assist investors who seek to shelter and reinvest capital gains, but timing is critical. The new law will allow Qualified Opportunity Zone (QOZ) investors to reduce their capital gains taxes by up to 15% if they re-invest their realized gains in a Qualified Opportunity Fund (QOF) by December 31, 2022, and by 10% if they re-invest by year-end 2023.
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