Latest news with #YardiMatrix
Yahoo
a day ago
- Business
- Yahoo
Tiny apartments a big deal in many US cities
This story was originally published on Multifamily Dive. To receive daily news and insights, subscribe to our free daily Multifamily Dive newsletter. Micro-apartments — living spaces measuring 441 square feet or smaller — make up a growing share of newly constructed units, according to a new report from StorageCafe. Last year, 2.4% of all new apartment units constructed nationwide qualified as micro-apartments. While this share has fallen from 2.5% in 2022 and 2023, it has grown significantly from 1.1% in the 2000s and 1.6% as recently as 2018. In some major cities, micro-apartments make up a significant share of units under construction — or even dominate upcoming multifamily housing altogether. Two-thirds — 66% — of Seattle's new construction pipeline is made up of units 441 square feet or smaller, according to Yardi Matrix data cited by StorageCafe, followed by Boston at 56.2% and Newark, New Jersey, at 49.8%. In many U.S. cities, longstanding restrictions on micro-housing have recently been loosened in the name of increasing affordability and housing density, according to a report from Boston; Washington, D.C.; Denver; Houston; and New York City have all changed their zoning laws within the last decade to allow for smaller apartments. Seattle's wave of new micro-housing construction coincides with zoning reforms passed in 2024, according to the StorageCafe report, which permit micro-apartments in all areas zoned for multifamily housing. The reforms aim to accommodate 120,000 new apartments in the city over the next 20 years. City Share of micro-apartments in new construction 66.0% 56.2% 49.8% 43.3% 40.5% 28.8% 22.8% 21.2% 20.3% 19.3% SOURCE: Yardi Matrix San Francisco has the highest share of micro-apartments in its existing stock, with 14% of its apartment inventory falling below 441 square feet. The city's high population density and competitive rental market have buoyed its micro-apartment activity, according to the report, and 28% of its new construction pipeline is made up of tiny units, which measure as small as 124 square feet. Out of the top 10 cities with the largest share of micro-apartments, seven are located in the West, with only one — Philadelphia — on the East Coast. Seattle has the second-highest share at 12%, followed by Honolulu at 11.6%. In contrast, cities in the Mountain West region have some of the largest unit sizes in the country, led by Gilbert, Arizona; Santa Clarita, California; and Henderson and Enterprise, Nevada, according to the report. The smallest unit in Enterprise measures 735 square feet, or nearly six times larger than the smallest unit in San Francisco. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
6 days ago
- Business
- Yahoo
Apartment rents begin to recover in high-supply metros
This story was originally published on Multifamily Dive. To receive daily news and insights, subscribe to our free daily Multifamily Dive newsletter. The national average multifamily rent rose by $6 from April to May, up to $1,761, according to Yardi Matrix's latest National Multifamily Report. Year-over-year rent growth held steady at 1.0%, a point from which it has barely moved over the past year. At the major metro level, rent growth remains strongest in the Northeast and Midwest. New York City still leads YOY rent growth at 5.7%, followed by Kansas City, Missouri, at 4.0%. Austin, Texas, remains at the bottom at -5.2%, followed by Denver at -3.5% and Phoenix at -3.4%. However, on a month-over-month basis, Western and Sun Belt metros with historically high deliveries and declining rents — including Denver, San Francisco, Dallas and Austin — saw positive growth in May. In Austin, which saw a 9.1% increase in supply this year, rents rose by 0.2% in May, or $3. This follows a more than $200 price drop in the city over the past two years, according to Yardi. Market YOY rent growth, May 2025 YOY rent growth, April 2025 Difference 5.7% 5.8% -0.1 4.0% 3.5% 0.5 3.4% 3.6% -0.2 3.3% 3.7% -0.4 3.1% 3.3% -0.2 3.1% 3.0% 0.1 3.0% 2.4% 0.6 2.8% 3.2% -0.4 2.7% 2.7% 0 2.2% 2.5% -0.3 SOURCE: Yardi Matrix The national occupancy rate fell slightly in April to 94.4%. (Occupancy data is current to the previous month.) While a heavy supply pipeline is causing occupancy to slip in some metros, strong demand counterbalances the impact, according to Yardi. Single-family rents rose by $3 over the same period, up to $2,183, according to the report. Following weaker performance over the winter, BTR rents have now risen four months in a row, and are close to the all-time high average of $2,185 set in May 2024. Despite uncertainty in the economy and financial markets, fundamentals remained strong for multifamily in May, according to Yardi. The impact of tariffs on the market is uncertain, but economic and renter financial health are solid, with 177,000 jobs added in April and wages growing faster than inflation or rent. 'The impact (good or bad) to the economy of the administration's policies — including higher tariffs, federal layoffs and cuts to or elimination of grant programs for segments including health care, scientific research and education — will likely not show up in data for months or quarters into the future,' the report states. 'But for now, the market is guardedly optimistic.'
Yahoo
20-05-2025
- Business
- Yahoo
Atlanta nearly tops nation in building new downtown apartments, research says
If you're looking for an apartment, there's more to choose from downtown. Atlanta is fourth among the nation's largest when it comes to apartment construction in the past four years. Since 2020, Atlanta has added 11,130 new apartments downtown, about a third of the city's new units. This rate of growth has held steady from the previous decade. [DOWNLOAD: Free WSB-TV News app for alerts as news breaks] The data comes from Rent Cafe, a rental search website. The research is based on apartment data given to Rent Cafe's sister company, commercial real estate researcher Yardi Matrix, as of January for buildings containing at least 50 units. Rent Cafe says as of March, the average rent for an apartment in Atlanta is $1,758, and the average apartment size 970 square feet. TRENDING STORIES: Former Atlanta Mayor Keisha Lance Bottoms officially announces run for Georgia governor This metro Atlanta city is ranked No. 1 on new 'Best Places to Live in the U.S.' list GA student in ICE custody after a mistaken traffic stop to have immigration hearing That cost varies greatly depending on location, apartment size and quality. Topping the new apartment construction nationally in the last four years was Washington, D.C., which has launched 22,959 new units in its downtown. Chicago and Denver round out the top three, and Charlotte, N.C., comes in behind Atlanta at no. 5. Looking for a place? Know your rights by reviewing Georgia's Landlord-Tenant Handbook. [SIGN UP: WSB-TV Daily Headlines Newsletter]
Wall Street Journal
01-05-2025
- Business
- Wall Street Journal
Milwaukee Is One of America's Most Cutthroat Rental Markets
About 90 miles north of Chicago on Lake Michigan is Milwaukee, Wisconsin's largest city, with a population of just under 600,000. It's more than just a beer and cheese town. Rich in diversity, culture and intellectual curiosity, Milwaukee today has big city energy without big city hassles, except in at least one notable way: It's one of the U.S's most competitive cities for renters, according to RentCafe, an apartment search website. At the start of 2025, Milwaukee's rental units were 94% occupied, with 70.1% of renters renewing leases and eight renters competing for each apartment, says Doug Ressler, a business intelligence manager and senior analyst with Yardi Matrix, a division of Yardi, RentCafe's parent company. Suzanne Powers, broker-owner of Milwaukee-based Powers Realty Group, Inc. says, 'You might not think of Milwaukee as being hot, hot, hot, but that is what its housing market is right now.' There are good employment opportunities, including with Fortune 500 companies such as Northwestern Mutual, Fiserv and Rockwell Automation and in emerging industries, such as water technology. Cost of living is relatively low, though a trade-off could be some cap on top-end income. Suburbs close to downtown have excellent public schools.
Yahoo
20-03-2025
- Business
- Yahoo
TheGuarantors Acquires the Technology to Mitigate the Multi-Billion-Dollar Renters Insurance Coverage Gap
Up to 40% of Renters Cancel Their Policies Mid-Lease, Exposing Properties to Uninsured Losses - TheGuarantors' Exclusive Technology Provides Real-Time Monitoring to Eliminate This Risk NEW YORK CITY, NEW YORK / / March 20, 2025 / TheGuarantors, a leader in risk management for rental housing, has acquired the insurance verification technology developed by Y Combinator company Covie, powering its Zero-Gap Renters Insurance solution. Covie founder and CEO Trent Harvey has also joined the company as a strategic advisor. This development makes TheGuarantors the sole provider of real-time renters insurance monitoring. Closing the Renters Insurance Compliance Gap Traditional compliance systems check renters insurance only at move-in, failing to catch mid-lease cancellations. Up to 40% of renters cancel their policies mid-lease, leaving property owners exposed to uninsured losses. Zero-Gap Renters Insurance eliminates this risk by continuously monitoring coverage in real time, integrating directly with more than 90% of insurance providers. "This deal cements our position as the industry's leading compliance solution and providers of unprecedented safeguards for our customers," said Aman Khaira, CPTO of TheGuarantors. "Property operators need absolute certainty - no gaps, no manual checks, no surprises. Our fully automated system ensures continuous compliance and eliminates crippling risk." "TheGuarantors has long been the gold standard of innovation and impact in the industry," said Trent Harvey, founder and CEO of Covie. "There is no company better poised to build on this technology's potential. I am proud to join the team and look forward to what we will unlock together." A Smarter, Cost-Effective Risk Management Solution Zero-Gap Renters Insurance combines HO4 renters insurance, digital compliance monitoring, and a tenant liability waiver into a seamless, automated solution. Unlike traditional systems that leave landlords vulnerable when policies lapse, Zero-Gap provides uninterrupted coverage, proactively preventing uninsured losses. With property insurance premiums rising 27% in 2024 (Yardi Matrix), multifamily owners are seeking more effective and economical ways to mitigate risk. Zero-Gap Renters Insurance drove 180% growth for TheGuarantors' renters insurance business in 2024, proving its value as a first line of defense against costly property or liability claims. About TheGuarantors TheGuarantors is a fintech company working to improve access for the 46 million American households that rent their homes. Through its platform and partnerships with multiple A-rated carriers, TheGuarantors offers renters and landlords a comprehensive suite of financial tools designed to benefit both sides. The company ranks on the lists of the Inc. 5000, Forbes' Best Startup Employers, and The Financial Times' Fastest-Growing Companies. To learn more or schedule a demo, visit Contact Information Amanda Knauer Chief Marketing SOURCE: TheGuarantors View the original press release on ACCESS Newswire
