Big scoop from @pat_clark (that I missed earlier bc his editors buried it in Bloomberg's Law portal)-- Lennar is looking to sell 11k apartment units. Would be one of largest portfolio deals in quite a while if it sells.

This is a big reason why apartment operators are laser focused on retaining residents. It's gotten really expensive to turn the unit. Materials and labor, yes, but also just more turn due to surge in supply hitting the market, giving renters more options-- often at discount.

Interesting tidbit from BankRegData: Of the $600b in multifamily bank loans, U.S. banks reported just 0.21% as non-performing as of Q2. That's one of the lowest NPL rates among all bank lending categories, and about 1/3 of the overall average.

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. Why is that? Because there's very little new supply, even as construction nationally is at 50+ year highs. And why is there very little new supply? Well, rewind the clock back to 2020-21. College campuses were shut down due to the pandemic. That put a stop to most new construction starts. And since it takes a couple years to finish a project, that means very little is hitting the market in 2023-24. So while demand has rebounded in college towns, supply hasn't... and probably won't (to a significant degree, anyway) in most spots any time soon. Even as fundamentals have rebounded, the financing environment has deteriorated ... meaning it's still tough to build apartments in college towns (or anywhere else). Oh, and Midland/Odessa at 15%? This is a market that at any given time seems to always be at the very top or the very bottom of rent change leaderboards. Never in between. It's the ultimate boom/bust roller coaster. At one point in 2021, rents here had plunged as much as 32%.