This is a narration of our weekly Rent and Operating Trends Report. The third quarter ended on a rather bleak note, as the final estimate of Q2 GDP showed negative growth once again. While we have known that the economy has been in a technical recession for some time, last week’s read serves as confirmation of the shrinking economy. And while we won’t likely see a drastic decline in growth this quarter, I anticipate another modestly negative growth rate when the first estimate of Q3 GDP is released at the end of October. All signs continue to point to a slow grind, as interest rates rise, and global demand appears to weaken. Tune in to find out more information on multifamily dynamics during the week of October 2.
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