WS1147: Weekly Investor Update: December 5 to 11, 2021

Apartment Rent and Occupancy Hit Record Highs

Apartment rent occupancy soared to a new record-high value as it reached 97.5%. Asking rents for new move-in leases reached 13.9%. Even during the later part of the year, renewal lease rent growth has been rising at 8%. Analysts attribute the rise in demand to appreciating prices in the for-sale market, new buyers being pushed out by all-cash investors, and more people choosing to live with roommates.

MARKET INDICATORS SNAPSHOT

WEEKLY

• Mortgage Rate (30-Year Fixed): 3.11 (as of 12/02)

MONTHLY

• Existing Home Sales: +0.8% (October 2021)
• New Residential Sales: +0.4% (October 2021)
• Median Sales Price for New Houses Sold: $407,700 (October 2021)
• Construction Spending: +0.2% (October 2021)
• New Residential Construction: -0.7% (October 2021)

QUARTERLY

• Homeownership Rate: +65.4% (3Q21)
• Rental Vacancy Rate: +5.8% (3Q21)

Sources: NAR, BLS, Federal Reserve Bank

• PROPERTY MARKET

Property Down Payments Reach a New Record

The national median down payment hit its highest level since at least 2005. The median down payment on a single-family home purchased with financing in 3Q2021 was $27,500, up 41% from $19,502 YoY according to ATTOM Data Solutions.

White House Looks to Fight Real Estate Money Laundering

The Biden administration is now examining the use of all-cash sales for commercial and residential real estate purchases worth more than $300,000 in 12 metropolitan areas, which it claims are frequently utilized for money laundering activities.

• MORTGAGE

Thousands to Lose Homes due to Bailouts about to Expire

As millions of homeowners were granted mortgage bailouts, allowing them to miss payments

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