Huber Bongolan

Q2 2020: Affordable Housing Quarterly View

Deck from Moody’s Analytics
Read Date: 9/2020

  • Affordable housing nationwide vacancy is 2.4%
  • Since REIS began tracking this sector, the vacancy rate has remained within the range of 1.9% to 2.5%
  • National rent growth finished at 0.1% this quarter (Q2), leaving the midyear rent growth at 0.7%
  • Construction in this sector has continued with little to no effect in terms of project cancellation and delays due to the pandemic
  • Seattle and Salt Lake City posted the strongest figures for net absorption
  • REIS forecasts suggest that Las Vegas will likely experience the largest employment declines across roughly 400 metropolitan areas for 2020
  • Odessa-Midland, a city that is heavily reliant on oil, saw the biggest rent decrease during the second quarter as rents fell 3.2%
  • Tacoma, on the other hand, saw the largest upsurge in rent, as it more than doubled the next highest metro – this is believed to be in part due the dependence on healthcare and military professions
  • Vacancy is expected to remain flat through the end of the year as it will continue to be minimally affected by COVID-19

Published by CredibleCRE

Huber Bongolan has 9 years of experience in commercial and residential real estate finance. Mr. Bongolan has sourced $700+ million in debt and equity financing for land, construction, bridge, and permanent deals in all product types. Huber received a double bachelors, Business Economics and International Studies, from UC Irvine where he graduated Cum Laude. He then earned a double masters, MBA and MRED, with Program Distinctions, from University of Southern California. Mr. Bongolan is an Eagle Scout in the Boy Scouts of America, and holds leadership positions in both ULI (Urban Land Institute) and FIIRE (Filipinos in Institutional Real Estate). He enjoys competitive sports, mentoring youth, and teaching personal finance. Huber also enjoys writing about Real Estate trending topics and education. His blog posts can be found on https://medium.com/@huber_60971

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