Freddie Mac Multifamily

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Economic conditions appear to be moderating as we head into 2024, and expectations are for the multifamily market to see positive but weaker growth in the year ahead. Corey Aber and Sara Hoffmann invite Michael Donnelly, Multifamily research manager and co-author of the 2024 Multifamily Outlook report, to discuss the market trends and forecasts for 2024.

Chapter 1: 00:00 – Economic big picture
Chapter 2: 06:50 – Pressure of increased supply
Chapter 3: 09:05 – Metro-level analysis
Chapter 4: 11:46 – The next generation of renters
Chapter 5: 13:39 – Cap rates and valuations
Chapter 6: 18:39 – Volume forecast
Chapter 7: 21:20 – Will the multifamily market have a turbulent descent?

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In this episode, Corey Aber and Luba Kim-Reynolds welcome Claire Kramer-Mills from the Federal Reserve Bank of New York to the show. They dive into her team’s research on decarbonization of affordable housing in the state and New York City, discussing the impacts of legislation on affordable properties and the opportunities that exist to begin the electrification process.

Chapter 1: 00:00 – Introduction: The future of housing in New York
Chapter 2: 06:19 – Overview of NY affordable housing stock
Chapter 3: 13:21 – Unique impact of decarbonization on small properties
Chapter 4: 19:10 – Programs to help borrowers finance electrification 
Chapter 5: 27:00 – A balancing act
Chapter 6: 36:07 – How do we start decarbonizing affordable housing in NY?

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Renters, particularly those of low income, are facing significant affordability challenges. In this episode, Corey Aber and Sara Hoffmann welcome back Kevin Burke, senior on the Multifamily Research team and lead author on the Rental Affordability Curve paper. Kevin walks through how the Rental Affordability Curve estimates what percentage of the renter population likely faces affordability challenges and how severe the challenges are within specific income bands.

Chapter 1: 00:00 – Industry methods of measuring affordability versus the Rental Affordability Curve
Chapter 2: 06:26 – What does the Rental Affordability Curve look like?
Chapter 3: 10:09 – Rent and income distribution near the parity line and at a national level
Chapter 4: 16:07 – Comparing metro to metro
Chapter 5: 22:13 – Percentiles translated into AMI
Chapter 6: 26:06 – A surprising finding from the report

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Resident-owned communities (ROCs) are a unique option in the affordable housing market for underserved populations, particularly in rural and non-metro areas. On this episode, Corey Aber and Sara Hoffmann are joined by Paul Bradley, founder of ROC USA, and Deborah Winiewicz, community leader at Halifax Mobile Home Estates Association, a ROC in south Boston. Together, they discuss the history of manufactured housing communities (MHCs), how MHCs and ROCs operate, and the federal or state legislation that facilitates the existence of these communities.

Chapter 1: 00:00 – The origin story of MHCs and ROCs
Chapter 2: 09:39 – The formation of Halifax Mobile Home Estates
Chapter 3: 14:08 – Services provided by ROC USA
Chapter 4: 16:25 – Benefits of ROCs
Chapter 5: 20:55 – Variability in landscape
Chapter 6: 27:42 – Shared equity vs. limited equity
Chapter 7: 34:42 – Challenges and wins from a community member

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At the intersection of space, debt and equity is where commercial real estate sits right now, according to Jamie Woodwell, vice president & head of Commercial Real Estate Research at the Mortgage Bankers Association.  In this episode, Corey Aber and Sara Hoffmann sit down with Jamie to discuss this intersection and how recent events may be impacting the broader commercial real estate space. 

Chapter 1: 00:00 – Setting the stage
Chapter 2: 03:31 – The space market (apartment, office, retail space)
Chapter 3: 11:09 – The debt market
Chapter 4: 14:16 – The equity market
Chapter 5: 17:02 – CRE fundamentals
Chapter 6: 31:38 – Resiliency impacts
Chapter 7: 37:09 – Multifamily volume expectations

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In this episode, Corey Aber digs into the Midyear Outlook with Sara Hoffmann, research director and a lead author on the report. They discuss how the multifamily market is stabilizing, forecasted performance and the factors that are slowing multifamily origination volume.

• Chapter 1: 0:00 – Long-term trends vs. today
• Chapter 2: 7:09 – A return to seasonal patterns?
• Chapter 3: 10:28 – Rates go up, economy slows down
• Chapter 4: 14:43 – Rent performance across markets
• Chapter 5: 19:04 – Supply and demand
• Chapter 6: 21:05 – Top 10 and bottom 10 markets
• Chapter 7: 23:43 – Volume expectations

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In this episode, Corey and Steve celebrate five years of Ivory Innovations​
with Kent Colton, advisory board member, and Abby Ivory, managing director. The Ivory Prize for Housing Affordability recognizes ambitious, feasible and scalable solutions to housing affordability. Kent and Abby share the common themes with this year's finalists and reveal the 2023 winners.

Chapter 1: 0:00 – Prevalent themes in this year's finalists
Chapter 2: 6:00 – Replicable models in Financial Innovation
Chapter 3: 10:40 – Public Policy and Regulatory Reform, a growing category
Chapter 4: 21:10 – Sustainability in Construction and Design
Chapter 5: 28:38 – And the winners are...

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In this episode, Corey Aber and Steve Guggenmos welcome back Freddie Mac Chief Economist Sam Khater to discuss the latest research in his area, including homeowner migration trends, affordability in the market and other timely topics.

Chapter 1: 0:00 – First-time homebuyer and affordability
Chapter 2: 7:44 – Homeowner migration patterns
Chapter 3: 15:05 – Digging into the data for a purer signal of affordability
Chapter 4: 21:40 – Trends in single-family home prices
Chapter 5: 25:16 – Rate impacts on the market
Chapter 6: 27:35 – Resilience considerations on migration
Chapter 7: 33:57 – Research in the works

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In this episode, Corey Aber and Steve Guggenmos are joined with Bob Simpson from the Multifamily Impact Council, a nonprofit membership organization dedicated to establishing a framework of impact principles and reporting guidelines for the multifamily industry in the United States.

Chapter 1: 0:00 – Background on Multifamily Impact Council
Chapter 2: 9:18 – Multifamily Housing Affordability and Impact 
Chapter 3: 13:03 –Housing and Economic Stability
Chapter 4: 23:35 – Resilient Investments and Impact Investors
Chapter 5: 31:25 – Changes in Impact Investing

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In this episode, Corey Aber and Steve Guggenmos are joined by Jim Nguyen and Ana Gonzalez from The Alliance, a Houston-based nonprofit dedicated to providing opportunity for all in the Greater Houston area. They discuss their mission and the unique factors of being in Houston that have shaped the programs they offer.

Chapter 1: 0:00 – Background on The Alliance
Chapter 2: 7:00 – Unique stressors in Houston
Chapter 3: 12:38 – Transportation in a sprawling city
Chapter 4: 15:33 – Landlord-tenant mediation and eviction diversion
Chapter 5: 25:39 – Financial counseling for tenants
Chapter 6: 35:48 – What's on the horizon?