Hiring eases after strong final stretch of 2024. Employers kicked off 2025 by creating 143,000 jobs in January, compared with an average of 166,000 per month last year. About 66,000 of the positions added in January, nearly half the overall net gain, originated from health services fields, while another 34,000 came from retail trade. Although the concentration of hiring momentum within only a handful of industries may…

Supply and Demand to Re-Align for the First Time in Four Years, Aiding Investment Landscape Stay ahead of the curve. Gain early access to the 2025 Multifamily Investment Forecast and uncover critical trends shaping the industry. This report provides: Comprehensive Analysis: National and local economic and multifamily market trends in 2025 Detail Market Projections: Demand and supply forecasts across 50 major U.S. metros Strategic Investment Insights: In-depth examination of capital markets and investment activity Position… Read More

Multiple growth signals noted at 2024’s conclusion. Overall employment increased by 256,000 jobs in December — the strongest month for hiring since March — bringing the total for 2024 to 2.2 million new positions. Though this is down from the prior year’s 3 million-role tally, with the average number of jobs created per month declining across most sectors, employment growth has actually picked up…

Employment growth resumes earlier trends. Hiring hit a six-month high in November as weather- and labor relation-related disruptions to job creation in October gave way to a subsequent rebound. The 227,000 net new roles in November, combined with the prior period’s 36,000-person addition, result in a mean gain of 131,500 positions per month. This is below the average of 191,000 from the first nine months of the year, as well as what was typical across the… Read More

Fed takes second step on gradual rate-lowering path. After reducing the overnight lending rate by 50 basis points in September, the Federal Open Market committee opted to cut again by half that margin at the November meeting. This returns the target lower bound to 4.5 percent — a level not seen since March 2023 — reflecting progress on both sides of the…

Discrepancies cloud employment data. October’s atypically low job creation total of 12,000 is largely the result of sector hiring offsets and disruptions from recent events. Education, health services and public service organizations added a combined 97,000 personnel last month, consistent with trends seen thus far this year. Over 60 percent of the positions added in this span were from one of these less cyclical industries. Countering these gains were the loss of 47,000 professional and business… Read More

New York multifamily market solidly back on track. This past July marked the three-year anniversary of New York City’s post-COVID-19 reopening and found multifamily vacancy at a historically low 1.8 percent. The lack of availability has facilitated consistent, if modest, rent growth, with the metro’s average effective rate up 8 percent in that same three-year span. The return of many quality of life factors to the city, as well as a broad labor market recovery,… Read More

Labor market flexes renewed strength. Following three straight monthly gains below 160,000 new jobs, national employment rose by 254,000 positions in September 2024 — the largest hike since March. That addition lowered unemployment to 4.1 percent, which is up 30 basis points from the same point in 2023 but down from the 4.3 percent peak in July, easing recession concerns. Employment gains spanned a wide range of sectors in September. Driven by accommodations and food services… Read More

More apartments were absorbed during the opening six months of 2024 than during the entirety of last year, keeping national vacancy unchanged over the first half. Rent growth remains below historic norms as the wave of new supply is elevating concession use in development-heavy markets. Nevertheless, barriers to becoming a first-time homeowner along with a cooling labor market are motivating tenants to renew leases, supporting rent growth in that category. Key Features Include: Insights into… Read More

Mortgage rate plunge fails to stoke buyer demand. Existing home sales decreased by 3.3 percent year over year in August 2024 to an eight-month low. That pullback transpired in the midst of substantial downward movement in the average 30-year fixed-rate mortgage. The gauge plummeted by 60 basis points year over year to 6.5 percent in August and slackened by an additional 40 basis points through mid-September. Even so, record-high home prices are maintaining historic homebuying barriers.… Read More