Freddie Mac Multifamily Apartment Investment Market Index Continues Rise in Third Quarter of 2024, Increasing Nationwide and in all Markets
Freddie Mac's Multifamily Apartment Investment Market Index (AIMI) showed strong growth in Q3 2024, rising 5.3% quarter-over-quarter and 9.2% year-over-year. The index increased across all markets nationwide, with notable gains in West Coast markets like Oakland (17.3%) and San Francisco (15.7%), and Denver (16.1%) year-over-year.
Key findings include mixed net operating income (NOI) performance, with growth in 18 metros but decline in 6 markets quarterly. Property prices declined nationally and in 17 markets quarterly, with five markets contracting over 10% annually. Mortgage rates decreased by 35 basis points quarterly and 12 basis points annually, marking the first annual decline since Q3 2021.
L'Indice di Investimento per Appartamenti Multifamiliari di Freddie Mac (AIMI) ha mostrato una forte crescita nel terzo trimestre del 2024, con un aumento del 5,3% rispetto al trimestre precedente e del 9,2% rispetto allo stesso trimestre dell'anno precedente. L'indice è aumentato in tutti i mercati nazionali, con guadagni notevoli nei mercati della costa occidentale come Oakland (17,3%) e San Francisco (15,7%), e Denver (16,1%) rispetto all'anno precedente.
I risultati chiave includono performance miste dell'utile netto operativo (NOI), con crescita in 18 aree metropolitane e declino in 6 mercati su base trimestrale. I prezzi delle proprietà sono diminuiti a livello nazionale e in 17 mercati su base trimestrale, con cinque mercati che hanno registrato una contrazione di oltre il 10% su base annuale. I tassi ipotecari sono diminuiti di 35 punti base su base trimestrale e di 12 punti base su base annuale, segnando il primo declino annuale dal terzo trimestre del 2021.
El Índice de Inversión en Apartamentos Multifamiliares de Freddie Mac (AIMI) mostró un fuerte crecimiento en el tercer trimestre de 2024, aumentando un 5.3% en comparación con el trimestre anterior y un 9.2% con respecto al mismo trimestre del año anterior. El índice aumentó en todos los mercados a nivel nacional, con ganancias notables en mercados de la costa oeste como Oakland (17.3%) y San Francisco (15.7%), y Denver (16.1%) en comparación con el año anterior.
Los hallazgos clave incluyen un rendimiento mixto del ingreso neto operativo (NOI), con crecimiento en 18 áreas metropolitanas pero declive en 6 mercados en términos trimestrales. Los precios de las propiedades disminuyeron a nivel nacional y en 17 mercados trimestralmente, con cinco mercados contrayéndose más del 10% anualmente. Las tasas hipotecarias disminuyeron en 35 puntos básicos trimestralmente y 12 puntos básicos anualmente, marcando la primera disminución anual desde el tercer trimestre de 2021.
프레디 맥의 다가구 아파트 투자 시장 지수(AIMI)는 2024년 3분기에 강력한 성장을 보여 전분기 대비 5.3% 증가하고 전년 동기 대비 9.2% 증가했습니다. 이 지수는 전국의 모든 시장에서 증가했으며, 오클랜드(17.3%)와 샌프란시스코(15.7%), 그리고 덴버(16.1%) 등의 서부 해안 시장에서 두드러진 상승이 있었습니다.
주요 발견 사항으로는 순영업수익(NOİ) 실적의 혼합 양상, 18개 대도시권에서 성장이 있었지만, 6개 시장에서는 분기별로 감소했습니다. 부동산 가격은 전국적으로 및 17개 시장에서 분기마다 감소했으며, 5개 시장은 연간 10% 이상 감소했습니다. 모기지 이자는 분기별로 35 기준점, 연간 12 기준점 감소하여 2021년 3분기 이후 처음으로 연간 감소를 기록했습니다.
L'Indice d'Investissement en Appartements Multifamiliaux de Freddie Mac (AIMI) a montré une forte croissance au troisième trimestre 2024, augmentant de 5,3 % par rapport au trimestre précédent et de 9,2 % par rapport à l'année précédente. L'indice a augmenté dans tous les marchés nationaux, avec des gains notables sur la côte Ouest, tels qu'Oakland (17,3 %) et San Francisco (15,7 %), ainsi qu'à Denver (16,1 %) par rapport à l'année précédente.
Les résultats clés incluent des performances mixtes des revenus nets d'exploitation (NOI), avec une croissance dans 18 métropoles mais un déclin dans 6 marchés sur une base trimestrielle. Les prix des propriétés ont diminué à l'échelle nationale et dans 17 marchés sur une base trimestrielle, avec cinq marchés enregistrant une contraction de plus de 10 % annuellement. Les taux hypothécaires ont diminué de 35 points de base trimestriellement et de 12 points de base annuellement, marquant la première baisse annuelle depuis le troisième trimestre 2021.
Der Marktindikator für Investitionen in Mehrfamilienhäuser von Freddie Mac (AIMI) zeigte im 3. Quartal 2024 ein starkes Wachstum, das um 5,3 % im Vergleich zum Vorquartal und um 9,2 % im Vergleich zum Vorjahresquartal stieg. Der Index stieg in allen Märkten landesweit, mit bemerkenswerten Zugewinnen in Westküstenmärkten wie Oakland (17,3 %) und San Francisco (15,7 %) sowie in Denver (16,1 %) im Jahresvergleich.
Wichtige Erkenntnisse umfassen eine gemischte Leistung des Nettobetriebsergebnisses (NOI), mit Wachstum in 18 Metropolregionen, aber einem Rückgang in 6 Märkten im Quartalsvergleich. Die Immobilienpreise fielen auf nationaler Ebene und in 17 Märkten im Quartalsvergleich, wobei fünf Märkte jährlich um mehr als 10 % zurückgingen. Die Hypothekenzinsen sanken um 35 Basispunkte im Quartalsvergleich und um 12 Basispunkte im Jahresvergleich, was den ersten jährlichen Rückgang seit dem 3. Quartal 2021 markiert.
- AIMI increased 5.3% QoQ and 9.2% YoY, indicating improved investment conditions
- Mortgage rates decreased 35 basis points quarterly, the second largest decline in five years
- NOI grew in 18 metros during the quarter
- First annual mortgage rate decline since Q3 2021
- Property prices declined nationally and in 17 markets during Q3
- Five markets experienced property price contractions exceeding 10% annually
- NOI declined in 14 markets year-over-year
- Property prices declined in all markets year-over-year
MCLEAN, Va., Dec. 19, 2024 (GLOBE NEWSWIRE) -- The Freddie Mac (OTCQB: FMCC) Multifamily Apartment Investment Market Index® (AIMI®) rose nationwide by
“AIMI increased as mortgage rates fell, decreasing the cost of financing,” said Sara Hoffmann, senior director of Multifamily Research at Freddie Mac. “The third quarter of 2024 saw interest rates decline, and an annual increase in net operating income for the nation. When combined with the decline in property prices, this improved conditions for investment in the apartment market.”
Annual increases in AIMI were particularly pronounced on the West Coast, with the Oakland metro area up
Key data points measured by the third quarter 2024 AIMI include:
- Net operating income (NOI) performance was mixed. Over the quarter, the nation and 18 metros experienced NOI growth, while NOI fell in six markets and was essentially flat in one (Las Vegas). Over the year, NOI performance was mixed. The nation and 11 markets experienced NOI growth while NOI declined in 14 markets.
- Property prices were mixed. Over the quarter, property prices dropped in the nation and in 17 markets. Prices grew in seven markets while prices in one market (Boston) were flat. Over the year, property prices declined in the nation and in all markets. The price drop was not as severe as last quarter, but five markets still contracted by more than -
10% . - Mortgage rates saw some relief. Over the quarter, rates decreased 35 basis points (bps). This was the second largest quarterly decline of the last five years. Over the year, mortgage rates decreased by 12 bps. This is the first annual decline since the third quarter of 2021.
In addition to national and local values, a sensitivity table is available that captures how the index value adjusts based on changes in certain underlying variables. Additional information about AIMI is on the Freddie Mac Multifamily website, including FAQs and a video.
AIMI is an analytical tool that combines multifamily rental income growth, property price growth and mortgage rates to provide a single Index that measures multifamily market investment conditions. A rise in AIMI from one quarter to the next implies an increasingly favorable environment for multifamily investment opportunities, while a decline suggests that attractive investment opportunities are becoming more difficult to find compared with the prior period.
Freddie Mac Multifamily is the nation's multifamily housing finance leader. Historically, more than
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MEDIA CONTACT:
Melissa Silverman
(703) 388-7037
Melissa_Silverman@FreddieMac.com
FAQ
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