The top 10 colleges for student housing

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U.S. Job Market Remains Resilient in August link

• The U.S. labor market added more jobs than anticipated in August, despite a rise in the unemployment rate. The Federal Reserve's 11 rate hikes since March 2022 have led to the highest borrowing costs in over 22 years, but job growth remains robust.

• In August 2023, employers added approximately 187,000 jobs, surpassing economists' projections of 170,000. This was the third month in a row with job gains below 200,000, the slowest rate since December 2000. However, these figures were still ahead of July's 157,000 job additions.

• The U.S. economy has regained all jobs lost during the COVID-19 pandemic. As of August, there were about 4 million more jobs, a 2.7% increase compared to the employment level from February 2020.

National Rent Report In August 2023 link

• National one-bedroom rent increased by 0.3% to $1,242, while two-bedrooms grew 0.5% to $1,493.

• San Francisco remains the most expensive city, with one-bedroom rent at $3,240.

• Wichita ranked as the most affordable city with one-bedroom rent priced at $650.

• The largest monthly growth rate was in New Orleans, where one-bedroom rent jumped 5.4%.

• The biggest monthly decline was in Baltimore, with a 3.2% decrease in one-bedroom rent.

Retail Demand Keeps Rising, but at a Much Slower Pace link

• The retail industry is witnessing a deceleration in demand growth. This trend indicates a shift in consumer behavior and market dynamics.

• A notable shortage of available spaces is impacting the leasing activity. This scarcity is becoming a significant challenge for retailers seeking prime locations.

• Despite facing these challenges, the retail sector is showing resilience. Retailers are continuously adapting and evolving to meet the changing market demands.

Mortgage demand falls to lowest level since 1996 link

• Mortgage applications plummeted to their lowest since December 1996, even with a minor decrease in mortgage rates.

• The purchase index reached a 28-year low due to limited housing inventory and high mortgage rates, while the refinance index was down 5% from the previous week and 30% year-over-year.

• Mortgage rates stood at 7.18% last week, over a full percentage point higher than the previous year, despite mixed economic data and a slowing job market.

CMBS Loan Loss Report: Volume of Loan Losses Increases in August 2023 link

• In August 2023, $418.9 million across fourteen loans were resolved, resulting in $218.2 million in total losses. The average loss severity for the month was 52.1%.

• There was a significant rise in loan loss volume from July 2023, where losses amounted to $112.0 million.

• The 12-month average disposed balance increased to $203.5 million from $194.4 million the previous month. The 12-month moving average loss severity was 48.42% in August, a slight decrease from 50.14% in July.

The top 10 colleges for student housing deliveries this fall link

• Following a slower year in 2022, student housing bed deliveries increased to 40,000 for fall 2023, nearing pre-pandemic levels.

• Georgia Tech in Atlanta and the University of Texas at Austin lead with the most new beds, having 2,865 and 2,840 respectively.

• Monthly average rents for student housing beds have reached a record high of $849 per bedroom, with student housing rents seeing a 7.1% year-over-year increase from July 2022.