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Today: A USC off-campus apartment complex is under scrutiny for severe habitability issues including mold and pest infestations, while national inventory ticked up 0.6% week-over-week as rates hover near yearly highs.
USC Gamecocks students moved into apartments with mold, feces, and cockroaches. WIS News 10 reports parents and students at an unnamed off-campus complex encountered uninhabitable conditions at move-in. This is a red flag for property managers and landlords competing for USC housing demand: students and parents will pay attention to maintenance standards and online reviews more than ever. If you manage student housing near campus, now is the time to document pre-lease inspections with photos and ensure units meet habitability standards before turnover. One viral complaint can tank occupancy for an entire complex. Source
National inventory edged 0.6% higher week-over-week but remains flat year-over-year. HousingWire reports inventory rose from 865,709 to 871,063 single-family homes (Aug. 7-14), compared to 859,050 to 860,055 in the same week last year. Mortgage rates are holding near yearly highs (under 7% due to tight spreads), and demand softens above 6.64% in their dataset. New listings hit 68,125 last week, up slightly from 66,679 last year but still below the 80,000-100,000 weekly range seen in normal pre-COVID markets. Price-cut percentage: 41.67% of listings saw reductions before selling, nearly matching last year's 42%. For Columbia agents: if you're pricing listings now, expect longer DOM (Days on Market) and be prepared to adjust. Buyers have slightly more leverage than they did earlier this year, but inventory growth is marginal. Source