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The Real Signal is a weekly newsletter - curated and written by Scott Choppin - that highlights macroeconomic trends in the real estate market - focused on real estate development and investments. We are "signal from the noise" in real estate + macro.

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The Real Signal #52 - Multifamily Buyer Seller Price Gap Widest Since 2012

Sep 9, 2023

Multifamily Buyer Seller Price Gap Widest Since 2012

“Sellers are holding out for prices that are no longer realistic. MSCI’s bid-ask spread reflects the difference between what U.S. property owners are asking for and what buyers are willing to pay…the gap for multifamily apartments was 11%, the widest it’s been since early 2012.”

Source: @DiMartinoBooth on x.com, MSCI

Multifamily Markets Still Experiencing Rent Growth

“Here are the U.S. metros (among top 150 largest) seeing the most rent growth right now, and one thing stands out: It's mostly small markets with very little new apartment construction.

In fact, only one major metro remains above 4%-- Northern New Jersey.

But what really jumps out are the college towns on this list... and even more that just missed the top 15 cut. In fact, nearly half of all U.S. markets ~4%+ could be called college towns.”

Source: @JayParsons on x.com

Fed Interest Payments Go Parabolic

“It’s just a flesh wound”

Source: @NorthmanTrader on x.com