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July 14, 2026
Today: 30-year fixed mortgage rates climbed back to 6.75% matching May highs, national rents dropped for the 35th straight month with median asking rent down 1.5%, and single-family rentals saw their first sustained decline since the post-pandemic boom with rents falling 1.6% year over year.
Mortgage rates returned to near one-year highs at 6.75% for top-tier 30-year fixed loans, matching the peak seen on May 19. Fed Governor Waller stated that if this week's inflation data comes in hot, a rate hike should be on the table as soon as this month. The driver is twofold: elevated fuel prices from the Iran conflict and broad-based price increases across other categories. The 10-year yield sits at 4.60% as hawkish Fed members have gotten more aggressive despite falling oil prices, with some arguing that lower fuel costs could be inflationary by spurring more consumer spending. For Richland County agents, this means refinance activity will remain dead and purchase lending continues to face headwinds. Adjust buyer expectations now, qualified buyers with fixed-rate locks from last year have already closed, and anyone waiting for sub-6% rates should plan for a longer timeline. Mortgage News Daily | HousingWire
Home price growth picked up in May with national year-over-year growth at 0.8% and month-over-month at 0.6%. The Midwest continues to post strong gains, with Illinois leading at 5.9% year-over-year growth followed by Maine and Indiana at 5.6%. However, Greenville-Anderson-Greer, South Carolina is flagged as a market at risk for price declines in the next 12 months alongside other Sun Belt metros like Lakeland-Winter Haven and Tampa, Florida. The report notes 72% of the largest 100 metros are currently overvalued, meaning their current home price indexes exceed their long-term values by more than 10%. For Columbia listings, this suggests pricing discipline matters more than ever. Markets showing similar characteristics to Greenville (oversupply, slower demand, elevated prices relative to income baselines) should expect compression. RISMedia
National median asking rent fell $25 (1.5%) year over year in June 2026, marking the 35th consecutive month of year-over-year decline for 0-2 bedroom properties across the 50 largest metros. The median asking rent registered at $1,692, down $72 (4.1%) from its summer 2022 peak but still $238 (16.4%) higher than pre-pandemic levels. All unit sizes declined: studios down $32 (2.2%) to $1,422, one-bedrooms down $22 (1.4%) to $1,579, and two-bedrooms down $27 (1.4%) to $1,893. Permit activity nationally is still 13.1% below 2019 despite a small 2025 rebound, with recovery concentrated in Florida metros and Columbus, Ohio. New York and Boston posted their lowest permit rates since 2019, underscoring the limits of rent control policies without supply expansion. For Columbia landlords, this signals continued downward pressure on asking rents even as supply remains below pre-pandemic levels. Adjust renewal pricing strategies and focus on tenant retention over aggressive rent escalation. Realtor.com Research
Single-family rents declined 1.6% year over year during the first half of 2026, marking the first sustained national slowdown since the post-pandemic rental boom. The national median rent for 3-bedroom single-family homes reached $2,100, down from a 1.7% increase during the first half of 2025. The decline represents a notable reversal, with rents increasing approximately 1.7% during the first half of 2025 but declining during the second half, effectively erasing those gains. Another notable feature was the absence of the typical seasonal lift, as the national median rent remained unchanged at $2,100 in both the first and second quarters even through the traditional peak leasing season. Nearly half (49%) of the 1,099 markets analyzed recorded annual rent declines, with larger cities proving the weakest-performing segment. Regional performance diverged sharply, with many Sun Belt markets cooling while Bay Area markets like San Francisco and San Jose recorded some of the strongest rent growth among large U.S. cities. The overall rental vacancy rate reached 7.3% in Q1 2026, the highest level since Q3 2017. For Columbia single-family rental investors, this means concessions and "accidental landlords" are increasing competition. Price competitively and expect vacancy rates to tick up if you're holding firm on 2025 rent levels. Rental Housing Journal
Multifamily is "muddling along" at mid-year 2026, with demand positive but not strong enough to absorb the nearly 1.3 million units in the lease-up phase nationally. Rent growth is inconsistent and market-specific, with gains concentrated in undersupplied gateway markets and low-cost Midwest markets while high-supply markets struggle to fill recent deliveries. Multifamily advertised rents increased modestly in the first half of the year, but if the post-pandemic pattern holds, full-year growth is likely to be limited. Declining starts provide hope that the glut caused by rapid deliveries in recent years will soon turn around and give property owners some pricing power. Including affordable housing, student housing, and single-family build-to-rent projects, the forecast is roughly 450,000 rental units delivered in each of the next two years. The report notes uncertainty is the leading indicator at mid-year as productivity gains and corporate spending on AI look good, but consumer spending is muted and with the Strait of Hormuz conflict it is unclear if there will be any help for gas prices and inflation. A Federal Reserve rate cut is looking unlikely. For Columbia multifamily operators, this means 2026 will remain a tenant's market. Focus on operational efficiency and niche segments rather than aggressive rent growth. Rental Housing Journal
No USC-specific articles appeared in today's feed, but the national rental trends above apply directly to Columbia's student housing market. With overall rental vacancy at 7.3% nationally and multifamily deliveries continuing through 2026-2027, off-campus student housing operators should expect continued pricing pressure. The fall 2026 leasing season will likely require concessions (waived application fees, reduced deposits, one month free) to fill units. Fort Jackson PCS cycles typically peak in summer, but with consumer spending muted and economic uncertainty high, military housing demand may not provide the typical seasonal boost.
CBRE added Robert Koontz as head of multifamily debt capital markets after he led a similar role at Freddie Mac for 17 years. Koontz built out Freddie Mac's K-Deal CMBS program that launched in 2009 and will focus at CBRE on expanding balance sheet and risk transfer strategies including more bridge debt offerings such as bridge-to-agency loans. CBRE is in a growth period for multifamily debt coming off a more than $30 billion origination output in 2025 with this year's volume up 60%. For Columbia multifamily investors, this signals that debt capital for stabilized properties remains available despite rate headwinds. If you're holding a performing asset and want to refinance before rates move higher, agency debt is still flowing. Commercial Observer
Newmark arranged $163 million of Fannie Mae-backed debt to refinance three multifamily properties in Washington, D.C., Northern Virginia, and Oregon for LaSalle Investment Management. The transaction refinances LaSalle's existing cross-collateralized Fannie Mae credit facility while also enabling it to add collateral in the future, providing long-term financing while maintaining conservative leverage and strong credit metrics. The portfolio includes 833 units across the three properties. This deal structure (cross-collateralized portfolio loans with room to add collateral) is attractive for Columbia investors with multiple stabilized properties. Consider consolidating multiple smaller loans into a single portfolio loan to reduce costs and gain flexibility. Commercial Observer
Real estate investment trusts have earned a relatively clean bill of health in 2026 so far. After a prolonged period of underperformance, REITs are finally outperforming the S&P 500, with year-to-date total returns outpacing the index by more than 5 percentage points as of late June. Despite the recent rebound, many REIT executives still don't think the market has truly captured their value, with stock prices sitting at a discount to the total value of their buildings. The story of REITs' outperformance in 2026 is a tale of sector diversification, with new property types like data centers, self-storage, and senior housing making the biggest waves while office buildings account for roughly 3% of the REIT market index. For Columbia investors considering REIT exposure as an alternative to direct ownership, this signals that publicly traded real estate is finally recovering after years of rate-driven underperformance. However, the discount to net asset value suggests direct ownership may still offer better value if you can source deals locally. Commercial Observer
NAR's Community and Transportation Preference Survey found that homebuyers value walkability and mixed-use neighborhoods when shopping for a home: 89% of respondents said sidewalks and places to walk are important, and 82% said being within walking distance of parks and shops is important. More than half of respondents (63%) said they would be willing to pay more for a home that is walking distance to parks, shops, and restaurants, and 59% preferred a home in a walkable area rather than a larger home that required more driving. In order to create more walkability and mixed-use neighborhoods, 46% of respondents said it should be a high priority for local governments to make it easier to develop walkable communities. For Columbia agents, this means neighborhoods like Five Points, the Vista, Rosewood, and Shandon will command premium pricing. Buyers willing to trade square footage for walkability are your target for these neighborhoods. RISMedia
State and local home builders associations are advancing pro-housing reforms across the country. New York secured landmark SEQRA (State Environmental Quality Review Act) reforms in the 2026-2027 state budget, streamlining approvals for housing projects and reducing unnecessary delays and litigation. In Houston, the Greater Houston HBA stopped a proposed change to minimum suburban lot width from 40 feet to 50 feet, keeping the current 40-foot standard in place to protect housing affordability. Georgia passed SB 447, which reforms Land Disturbance Permit application timelines for new developments. For Columbia builders and developers, this signals a national trend toward permitting reform and zoning flexibility. Track what SCREC and local planning commissions are doing on lot size requirements, permitting timelines, and environmental review processes. Advocate for similar reforms locally if you're seeing delays on new construction projects. NAHB Now
NAHB's Remodeling Market Index for Q2 2026 saw a reading of 61, down one point from the previous quarter but still in positive territory (above the 50-point mark). The index has remained in the low 60s consistently over the past year. The Current Conditions Index averaged 70, with the component measuring large remodeling projects ($50,000 or more) at 64, moderate projects ($20,000 to $50,000) at 73, and small projects (under $20,000) at 74. The major headwinds preventing an even stronger remodeling market include rising costs, political and economic uncertainty, and difficulty obtaining financing with favorable interest rates for larger projects. Despite affordability concerns, rising homeowner equity and an aging housing stock are powering demand for residential remodeling. In the latest RMI survey, 74% of remodelers reported that their suppliers have increased prices of materials since March due to higher fuel costs, with the average increase in materials prices over that time being 6.7%. For Columbia remodelers, this means demand remains solid but price increases from supplier fuel costs need to be passed through to clients. Expect financing to be a sticking point for projects over $50,000 with rates at 6.75%. RISMedia