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The first estimate of Q1 GDP was released this week, and the U.S. economy grew at a 1.1 percent annualized pace to start the year. While growth remains positive, the slowdown may be a precursor of a coming recession. The equity markets are returning to slower paces of growth and volatility has receded. Over the past 6 months, the VIX index, a common proxy for the level of volatility within the stock market, has dropped 40%. Further slowing of inflation will provide more evidence to the Fed that their tightening campaign has been effective and that no additional rate hikes are needed. The PCE release will be the last inflation indicator announced before the Fed’s next policy meeting next week.
Multifamily fundamentals remained mostly unchanged at the national level last week. At the market level, outperformance was geographically diverse as West Coast metros led the way in traffic and leasing gains, while Baltimore and metros in the south led in weekly occupancy growth. The strongest NER growth was spread out between Minneapolis, Salt Lake City, Riverside CA and Boston. Geographic diversity of the strongest performing markets is a good thing as it indicates demand in a variety of locations.
Key Takeaways – Data as of 04/23/2023
Traffic and Leases:
Occupancy and ATR:
Net Effective Rent:
7150 E Camelback Rd.
Suite #333
Scottsdale AZ, 85251
Phone: 602-892-4788
Email: info[@]radix.com
Rr. Ukshin Hoti, Nr. 120
Kompleksi Ramiz Sadiku, C3
Kosovo, Prishtine 10000
Phone: +383 44 855 334
Email: info[@]radix.com