This is a narration of our weekly Rent and Operating Trends Report.
The U.S. economy remains on firm and stable footing through the early part of 2024. GDP was revised slightly downward last week, but economic growth for the fourth quarter remains well above the long-term average. A few Fed governors will speak this week, highlighted by Chair Powell’s Congressional testimony on Thursday. We will see the February jobs report on Friday, which will provide further indication on the strength of the labor market after a banner month in January.
Multifamily fundamentals posted another strong week as we move into March. As the weather improves across much of the nation, March is typically the first month of the prime leasing season, which tends to last for three to four months. Apartment performance is growing steadily as we head into leasing season, which is a good sign for most markets. I expect to see steady growth in markets that do not face extreme supply challenges. In those markets battling new supply, I will look for stabilization as a sign that these high demand markets can weather the current storm and emerge strong next year when new deliveries start to slow.
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