Rising costs for multifamily operators are the focus of a new research bulletin from Yardi Matrix. Expenses for multifamily properties nationally grew by an average of 9.3 percent in the trailing 12-month period ending in June. That growth is 63 percent higher than the 5.7 percent increase during the previous 12 months, according to the new Matrix research. The recent increase in expenses represents $740 in additional costs per unit at the average U.S. multifamily property, with the average property operating expense rising to $8,694 per unit, per year, according to Matrix. Insurance led the way in rising expenses. Policy costs were up 18.8 percent on average in the 12- month reporting period. Other expense categories with large jumps include repairs and maintenance (14.2 percent), administrative (11.8 percent), and utilities and payroll (both 7.8 percent).  “Rapid expense growth comes at an inopportune time for the industry. After a long bull market, asking rent growth has decelerated and is likely to remain weak in many metros as deliveries hit levels last seen in the 1980s,” state Matrix experts. “Also, the big jump in mortgage rates .. has produced a large increase in debt-service costs for properties that need new mortgages.” Learn more about the expense increases and the impact on multifamily owners and operators. Yardi Matrix offers the industry’s most comprehensive market intelligence tool for investment professionals, equity investors, lenders and property managers who underwrite and manage investments in commercial real estate. Yardi Matrix covers multifamily, student housing, vacant land, industrial, office, retail and self storage property types. Email [email protected], call 480-663-1149 or visit yardimatrix.com to learn...

Looking for a way to get more involved with the local community? Move for Hunger is a nonprofit that connects you, your residents, and your local food bank. Move for Hunger partners with the American Moving and Storage Association to get nonperishable food into the hands of those in need. Before relocating, residents coordinate with their moving company to deliver unwanted goods to local food banks. To date, the organization has transported more than 11,479, 245 pounds of food to food banks. The donations created 9,566,038 meals for people facing food insecurity. You and your residents can get in on the giving! Arranging a Move for Hunger Donation Setting up a Move for Hunger donation is incredibly simple. First, residents must find a participating professional mover. There are more than 1,000 to choose from across the United States. (And since residents are relocating, anyway, this step is super practical.) The residents and the mover will set up their moving date. While the residents are packing their belongings, they set aside the nonperishable items that they’d like to donate. On the day of the move, the mover will transport the nonperishable food to the nearest local food bank. Benefits for Residents Residents are looking for a way to quickly and easily clean out their unit. Move for Hunger helps them do just that. • All the food that they can’t eat before the move is relocated, rather than tossed in the trash. Donating the unwanted food requires no additional legwork for residents. • The food pick-up may potentially minimize the cost of the move! By donating items in the fridge, pantry, and cabinets there will be fewer boxes to move while residents are being charged. Benefits for You! By promoting Move for Hunger, you’re doing...