This is a narration of our weekly Rent and Operating Trends Report.
Despite a significant downward revision to the January numbers, the February jobs report provided further evidence of an extremely robust labor market. 275,000 jobs were added last month, and more than half a million jobs have been added so far this year. The unemployment rate ticked up modestly but remains low by historical standards. Wage gains increased 0.1% last month and 4.3% from February of 2023, providing further evidence that inflation is slowing. Fed chair Jerome Powell gave a very measured statement last week in his testimony to Congress, saying that he expects rates to come down in 2024 but is not ready to say when the first rate cut will be.
Apartment fundamentals were up across the board, as the multifamily market continues its growth to start the year. All key metrics increased last week for the first time in months. Traffic, occupancy, and rent remain below their levels from this time last year, but the recent growth has provided optimism for a strong year ahead.
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Explore our webpage for more insights and resources:
https://bit.ly/Radix_Website
