This is a narration of our weekly Rent and Operating Trends Report.
New jobless claims rose to their highest level since August last week, as more than 230,000 people filed a new unemployment claim. While the increase in unemployment claims, paired with the slowdown in job creation in April may appear alarming, the employment market remains in a solid position. The Consumer Price Index comes out on Wednesday and will provide further information on the state of inflation in the U.S. economy.
Rent and occupancy both posted strong gains last week, as the key performance metrics show signs of life at the midway point of May. National occupancy added 3 basis points and is only down 26 basis points from a year ago. Net effective rents increased 20 basis points last week, and the annual decline improved to 150 basis points. The leading indicators, including traffic and leasing were mostly flat last week.
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Explore our webpage for more insights and resources:
https://bit.ly/Radix_Website
