Multifamily absorption has surged by whopping 75%

In partnership with

Startup PromoTix ($48M in traction) is saving the events industry

PromoTix is solving the event industry’s challenges around high ticket fees and low attendance. Ticketmaster and competitors charge up to 40% of the ticket price to book, deterring guests who can’t afford the added cost. Combined with a crowded marketing space, events struggle.

PromoTix is raising funds to expand. Already profitable, with 656k users and $48M in sales in its first 30 months, PromoTix has low-fee and no-fee SaaS pricing, as well as patented marketing tools that drive attendance.

See investment terms

New here? Join the newsletter (it's free).

Weekly Housing Trends: Data for Week Ending July 27, 2024 link

• New Listings Decline: There was a 10% drop in the number of new home listings compared to the same week last year, marking a significant decrease in housing availability. This trend reflects a reluctance from potential sellers to enter the market amid economic uncertainties.

• Price Growth Slows: The median home price increased by only 0.2% year-over-year, indicating a cooling in price growth. This marks the smallest rate of increase since 2012, suggesting a potential stabilization in housing costs.

• Days on Market Increase: Homes are staying on the market longer, with the average days on market increasing by 10 days compared to last year. This shift suggests a less competitive environment, possibly giving buyers more negotiation power.

Multifamily absorption has surged by whopping 75% link

• Year-to-date multifamily absorption has surged by 75% compared to the first half of 2023. This indicates a significant rise in demand within the sector.

• The economy's addition of 500,000 new jobs in Q2 2024 and the growth in real wages have positively impacted the multifamily market. This economic improvement supports increased rental demand.

• Despite a year-over-year national vacancy rate rise to 8.6%, the trend is expected to reverse, with declining vacancies and continuous rent absorption forecasted over the next year. This points to a tightening market

86% of Outstanding Mortgage Debt has a Sub-6% Rate link

• June saw a 6.7% year-over-year increase in housing inventory, providing more options for buyers compared to last year. Despite this, inventory remains below pre-pandemic levels, keeping competition high, especially in affordable areas.

• High mortgage rates continue to hinder improvements in for-sale inventory, with many homeowners holding onto mortgage rates that are over 2 percentage points lower than current rates. As of the first quarter of 2024, 21.9% of mortgages had interest rates below 3%.

• More than three-quarters of outstanding mortgages have rates of 5% or lower, making current high rates around 7% a deterrent for new listings. A recent survey indicated that 82% of homeowners looking to sell feel 'locked-in' by high rates, while 40% of potential buyers would consider purchasing if rates fell below 6%.

The Share of Young Adults Living at Home Continues to Rise link

• 17% of adults aged 25-35 live with their parents, up from 7% in 1970. High housing costs are the main driver, making independent living unaffordable for many.

• Both college graduates and non-graduates are affected, indicating a widespread issue. This trend is consistent across the United States.

• Young adults living at home has become a necessity rather than a choice. This situation highlights the broader economic challenges faced by this age group.

U.S. Cap Rate Survey H1 2024

Kamala Harris Is Ready To Take On Landlords

Trends In Homeowner Equity

July 2024 Monthly Housing Market Trends Report

Who is getting funded in Proptech?

Ranked: All-Time Gold Medals in the Summer Olympics, by Country

Not sure if I like it or not!

Link to the listing

That's all, folks.

Cheers,

Vidit

P.S - Read past newsletters here