Yearly Archives: 2015

Fannie Mae and Freddie Mac are trying to reign in robust multifamily lending that has them racing toward their annual production caps very early in the year.

Fannie and Freddie have introduced rate hikes over the past few weeks and tightened underwriting as a means to slow lending activity.

“I think CMBS, life insurance companies and commercial banks are going to be able to step in and pick up the void,” said William E. Hughes, a senior vice president with Marcus & Millichap Capital Corporation.

Click here to read the full article on the National Real Estate Investor website

“Philadelphia is a city of firsts. Steeped in history, it is also a modern renaissance city. And now, a new generation is making Philadelphia its city of first choice,” says writer Susan Burnell. The city has reclaimed its reputation as a thriving city, thanks in part to its growing population of young and educated professionals.

Click here to read the full article.

PHILADELPHIA, PA, February 19, 2015 –The Center City District released its annual housing report Tuesday, and the news was positive. Asking rents are up in every neighborhood, and there appears to be no need to worry about overbuilding, thanks to strong and consistent demand. Click the links below to read the full report, as well as two follow-up articles by PlanPhilly.com and Philly.com. Take advantage of the unprecedented momentum by contacting us today to learn about our current Philadelphia listings, or for a detailed valuation of your property.

Click here to view the Center City District’s annual housing report in its entirety

PlanPhilly.com – “Center City District: Surging Philly Apartment Market Fueled by Real Demand”

Philly.com – “Center City District: Housing Boom Continues”

Marcus & Millichap’s 2015 National Apartment Report cites continuing steady job growth and the formation of new households as the reasons for an increase in apartment demand in the region. Vacancy will remain tight, enabling operators to increase effective rents to an all-time high by year end.

Click the link below to view the full report. Specifics about the Philadelphia market are available on Page 44 of the report.

2015 National Apartment Report

The apartment market in Center City continued to show signs of strength in 2014. In Center City, landlords of Class A apartments saw rents increase by 3.7 percent to $2,128 a month, or $2.23 a square foot. Vacancy rose slightly from 5.5 to 5.7 percent. In the suburbs, rents increased by 3.4 percent to $1,458 a month, or $1.43 a square foot. Vacancy declined from 5.6 to 4.4 percent.

Oversupply is always a concern, especially with 4,104 units either under construction or on the boards that could hit the market in the next three years. However, with Millennials and Empty Nesters continuing to move to urban areas, companies adding jobs, and the delay in first-time homebuying, the additional units have the possibility of being absorbed without disrupting the Philadelphia market.

Click here to read the full article on the Philadelphia Business Journal’s website