This is a narration of our weekly Rent and Operating Trends Report.
The employment market softened in April as 175,000 new jobs were added last month. This marks a significant slowdown to the torrid pace set during the prior three months of 2024, but does not warrant huge concern for the state of the economy, at least not yet. The U.S. job market has still added nearly one million jobs so far this year, and even though the decline from March looks sizable, 175,000 new jobs is a healthy gain by historical standards. Unemployment ticked up modestly and wage growth came down, but the overall state of the job market remains very stable. While the Fed’s dual mandate includes optimizing the job market, the slowdown in April alone will not be enough to change the course of monetary policy.
Apartment fundamentals saw steady growth across the board last week, except for net effective rent. Traffic and leasing inched upwards and occupancy continues to rally from its recent bottom in January. The number of units available to rent continues to decline and has dropped nearly 30% in the past year.
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https://bit.ly/Radix_Website
