This is a narration of our weekly Rent and Operating Trends Report.
As we approach the end of 2023, this week’s report will be our last of the year. As such, I looked back over the prior 51 weeks at some of the key trends, predictions and observations we made to identify where we got it right and where we missed the mark.
From an economic perspective, the year began on very shaky footing. I predicted a continued economic slowdown and a rising potential for a recession. Neither occurred this year, and in fact the macro economy strengthened as the year went on. Inflation came down as we anticipated but it did not negatively impact the employment market, consumer activity or GDP. GDP had its strongest quarter in a few years in Q3.
We anticipated the job market would remain the backbone of the economy and while it has softened this year, overall job growth, especially in light of the low unemployment figures, remains quite strong. I predicted that the Fed would continue raising interest rates and remain reactionary, yet to their credit, they saw the slowing trend in inflation and kept rates constant since July. The illusive soft landing now appears doable, when twelve months ago most economists including myself predicted otherwise...
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