This is a narration of our weekly Rent and Operating Trends Report.
Another strong employment report was overshadowed by the collapse of two regional banks last week and over the weekend. Silicon Valley Bank was taken over by federal regulators and Signature Bank was closed by state regulators after concerns over the safety and availability of deposits led to a run on both banks. The Biden Administration, Treasury Department and FDIC have intervened to ensure the stability of the bank’s depositors and allow them to withdraw deposits even above the FDIC insured level. The downfall of these two banks represents the largest shock to the banking system since the Great Financial Crisis, and will have knock on effects throughout the economy.
Tune in for more information on multifamily dynamics during the week of March 12th, 2023.
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