Michael Rudy

The producer price index (PPI) report from the Bureau of Labor Statistics (BLS) stated that construction materials prices rose 0.7 percent month-over-month in June on a seasonally adjusted basis. The intermediate demand index of components and materials for construction was up 4.3 percent from its year-earlier level.

Yardi Matrix reported that the national average asking apartment rent rose $4 in June compared to the revised level of the month before, reaching $1,763 per month. The national average year-over-year asking apartment rent growth was +0.2 percent. Rents in the “lifestyle” asset class, usually Class A properties, were reported to fall 0.2 percent year-over-year. Rents in “renter by necessity” (RBN) properties increased by 0.5 percent year-over-year.

Trepp reported that the delinquency rate for multifamily commercial mortgage-backed securities (CMBS) rebounded in June after last month’s decline. However, the overall CMBS delinquency rate fell, declining 20 basis points. Overall CBMS delinquency rate declines For delinquencies, Trepp focuses on loans that are 30 or more days delinquent. The current CMBS delinquency report provides data through June.