One of the biggest aggregators of real estate data and statistics in the nation is now setting its sites on the growing U.S. apartment sector.
Data recently reported by the Mortgage Bankers Association indicates that multifamily mortgage originations exceeded $195 billion during 2014.
That was more than the $137 billion in 2013 multifamily production and the highest level of apartment lending ever for multifamily originators.
MBA projects that next year’s multifamily originations will reach $225 billion.
Those type of metrics have apparently caught the eye of CoreLogic Inc., which Thursday announced
it will refocus on its multifamily business.
The Santa Ana, California-based company says that its own
data points to an increase in multifamily building permits, which have increased 41 percent from last year.
“An estimated 36 percent of households in the United States currently reside in rental properties,” today’s statement said. “Studies project demand for rental housing will dramatically increase in the next 15 years.”
Businesses within the multifamily unit include CoreLogic SafeRent, Jenark, National Background Data, Renters Insurance and myrental.com.
As part of the strategy,
Richard Leurig has been appointed senior vice president of the multifamily business unit, while Scott Bradford has been named vice president, sales and marketing.
“During the past nine months, we have increased our pace of investments in our multifamily business and organization,” CoreLogic President and Chief Executive Officer Anand Nallathambi stated in the news release. “We intend to deliver unique insights and intelligent solutions that will power this growing market segment for years to come.”
