This is a narration of our weekly Rent and Operating Trends Report. The U.S. economy is now firmly playing defense as additional fundamental weaknesses emerge. Major equity indices have fallen back into bear market territory, and GDP will likely remain negative when the final estimate of second quarter economic growth is released on Thursday. Job growth and consumer and corporate balance sheets remain a few of the only strengths in the economy, and as inflation persists, consumer balance sheets are getting stretched. While consumer net worth remains at near historic levels, it peaked in the first quarter of 2022 and has been falling since. With the Fed indicating additional severe rate hikes, I expect a continued economic grind for the next few quarters. Tune in to find out more information on multifamily dynamics during the week of September 25.
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