This is a narration of our weekly Rent and Operating Trends Report. The August Consumer Price Index came in higher than anticipated despite declining energy costs in recent months. Many economists were hoping for further deceleration in overall prices, and the unexpected increase sent markets into a tailspin. As a result, the Fed is now almost certain to raise interest rates at least another 75 basis points at their meeting this week. The higher-than-expected inflation numbers will likely lead to additional 75 basis point rate increases in future meetings as well. The 10-year treasury rate has also increased, and home mortgage rates are at generational highs. The for-sale housing market has been cooling significantly, which should provide additional support to the multifamily market, at least in the short term. Tune in to find out more information on multifamily dynamics during the week of September 18.
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