This is a narration of our weekly Rent and Operating Trends report. Recession fears increased last week as the economy unexpectedly contracted in the first quarter. GDP fell 1.4%, marking the first economic decline since the COVID-19 pandemic began. Most economists will define a recession after two consecutive negative quarters, and there is a chance that Q1 GDP may yet be revised upward, however, the surprising drop adds to the economic turmoil in April. Inflation continues to run high, and the Fed is expected to raise interest rates 50 basis points at their policy meeting this week. That would mark the largest single interest rate increase from the Fed since before the Great Financial Crisis. In anticipation of higher short-term rates and as the result of continued price increases, the 10-year treasury rate eclipsed three percent on Monday for the first time since 2018. Tune in to find out more information on multifamily dynamics during the week of May 1st.
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