This is a narration of our weekly Rent and Operating Trends Report.
It was a quiet week in the economy last week, and most indicators continued their slow and steady growth. All eyes will be on inflation this week from a quantitative perspective. From a qualitative perspective, many of the Fed Governors are slated to speak at various events. While I don’t suspect any specific commentary on the timing of interest rate cuts, the tone and sentiment of each Governor’s comments will be noteworthy. Later this week, the homebuilder sentiment as well as housing starts and building permits data will be released, which should provide additional context into the strength of the housing market.
Multifamily fundamentals had another strong week last week, led mostly by demand indicators. Occupancy continues to grow in 2024, and the number of units available to rent is improving as well. Traffic picked up modestly last week as did net effective rent and revenue per available unit (RevPAU). The only declining metric was leases signed, which fell slightly, but remained in decent position halfway through the first quarter.
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