Office Space Vacancies Monitored Closely As Numbers Begin To Fall

By CHUCK GREEN Office vacancy rates are being monitored closely as the commercial space industry continues to grapple with COVID’s effects on the workplace. In Los Angeles, office activity stagnated in the first quarter of 2022. One-fifth of total inventory remained vacant and rents remained unchanged, according to Greg Cornfield at Commercial Observer. Other major metro areas, including New York City, Boston, San Francisco, Washington DC, and Chicago, also continue to experience double-digit vacancy rates. Stemming from remote work due to the variant, San Francisco and DC reportedly kicked off the year with vacancies approaching 20%. In major U.S. markets vacancies of around 60% were recently shown by Kastle Systems, which measures occupancy by looking at foot traffic into offices.…

Millennials Dominate In America’s Biggest Metros

Despite challenging conditions for first-time homebuyers, Millennials are actively engaging in the housing market, especially in the nation’s largest metros, according to a new analysis from LendingTree. The analysis found that Millennials– people aged 25 to 40 in 2021– make up a majority of homebuyers in most of the US’s largest metros, especially Denver, Seattle, and Boston.  Of mortgages offered in Denver, 63.3% were offered to Millennials. In Seattle, 61.35% were offered to Millennials, and in Boston, 61.08%. Miami, Jacksonville, and Tampa have the smallest share of buyers in this age group, at 46.54% across all three markets. San Francisco, New York, and San Jose have the greatest portion of older Millennials, with an average age of 33.51%, while Indianapolis,…

Is Home Ownership More Affordable Than Renting? It Depends.

By KIMBERLEY HAAS A report released this month suggests that despite rising home prices it is more affordable to own a median-priced house than to rent a three-bedroom property in a majority of the United States. ATTOM’s 2022 Rental Affordability Report used fair-market rent data from the U.S. Department of Housing and Urban Development, wage data from the Bureau of Labor Statistics, and sales deed data in 1,154 counties to find that home ownership will be more affordable in a majority of the country again in 2022. Todd Teta, Chief Product Officer at ATTOM, said home ownership still remains the more affordable option for average workers because it takes up a smaller portion of their pay when the math is…

Hot Market, Inflation Causes Rental Rates To Skyrocket In America

By KIMBERLEY HAAS More than a quarter of the states in the country have experienced a rental price increase of 20% or more in 2021 and a senior research analyst says people moving out of cities and into more rural communities are partially to blame. Nick VinZant works for QuoteWizard by LendingTree. He co-authored an article that was published this month which shows that Florida had the highest percentage increase in the nation at 29%. The average rent for a one-bedroom apartment in Florida is about $1,425. Arizona, Georgia, Idaho, Massachusetts, Nevada, New Hampshire, New Mexico, New York, North Carolina, Rhode Island, Tennessee, Utah, and Washington all saw rents increase by more than 20% for one-bedroom apartments in 2021, according…

CoreLogic: Double-Digit Rent Growth In September

Strong demand and the labor market are fueling single-family rent price increases which remain at record highs. September data from CoreLogic’s Single-Family Rent Index shows rents increased 10.2% year-over-year (YOY), compared to a 2.6% YOY increase in September 2020. Rents increased across all four tiers of rental prices used by CoreLogic. Lower-priced rentals (less than 75% of the regional median) saw an increase of 8.3% YOY, while rents in the lower-middle price range (75%-100% of the regional median) rose 9.3% YOY, both more than doubling their growth from the same time in 2020. Rents for higher-priced properties broke 10%, with higher-middle priced (100%-125%) rents climbing 10.5%, compared to 2.4% in September 2020. Higher-priced rentals (125% or more of the regional…