This is a narration of our weekly Rent and Operating Trends Report.
As the U.S. economy continues to progress steadily, the public eye will likely shift toward the upcoming election and geopolitical risk that has emerged in recent months and years. Congress just passed an additional aid bill for Ukraine and has been involved indirectly in the growing conflict in the middle east. Both wars will be influential on the U.S. economy, and continued escalation could likely increase the U.S.’ involvement. While headlines have been muted related to the presidential election so far this year, that is likely to change as we near the halfway point in 2024. The election is about 6 months away, and the political fervor will certainly heat up. However, the economy stands on very solid footing despite tight monetary policy.
Key multifamily indicators were mostly flat last week. With demand outperforming expectations, some markets are seeing healthy fundamental growth thus far this year. Markets that are oversaturated with new supply are also doing better than expected, even if growth has yet to emerge. Multifamily permitting has fallen drastically in most markets since 2022, but with recent demand elevated, I would expect permits and starts to pick up, even though developers are still fighting an uphill battle due to elevated financing costs.
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