Source: RealPage

StorageCafe’s report showing which states are receiving the largest net migration:

Source: StorageCafe

Multifamily permitting is turning up again after troughing at about 430,000 units one year ago.

Source: RealPage

The top tier colleges have seen a small increase in the number of students enrolled. The lower tiers have experienced a substantial decline. Something to think about for student housing investors.

Source: Preston Cooper

An interesting chart to consider when thinking about investing in student housing vs. senior housing over the next decade.

Concessions are at the highest level since 2010, with discounts averaging 10.8% of rent, or 5.6 weeks free.

Source: Jay Parsons

51.8% of all renter households are considered cost-burdened, spending more than 30% of their monthly income on rent.

More than one-in-four renter households spend over 50% of their income on rent, making them “severely cost-burdened.”

In some ways, the cost burden rate could even be underestimating the degree to which housing affordability has worsened. A lack of affordability has deterred new household formation in recent years, as Americans are increasingly doubling up with family or roommates to save on housing costs. These individuals are struggling with housing affordability, but because they don’t represent their own households, they are not captured in cost burden statistics.

Additionally, as the affordability of for-sale housing has eroded even more rapidly than that of rentals, more prospective homebuyers are continuing to rent. This subset of renters who have been sidelined from the for-sale market tend to be higher-income, and their presence in the denominator of the renter cost-burden rate could be depressing that rate slightly.

Rents are growing faster than income in 85 of the largest 100 metros:

Source: ApartmentList

For single-family homes:

Great chart from showing why the “renting stage of life” is elongating. It’s not just an affordability issue, it’s a decades-long structural shift in Americans waiting longer to get married and have kids (which are the traditional drivers to buying a house).

Source: John Burns and Jay Parsons

Invitation Homes is the largest single-family home rental company in the U.S. While their renewals remain strong, new lease rents are declining everywhere except SoCal and the Midwest.