The economy continues to churn forward as we approach the midpoint of the first quarter. Employment remains the strongest facet of the domestic economy, with job gains outpacing estimates and new jobless claims falling well below long-term averages. Investment markets remain somewhat choppy as the economic outlook for the end of 2023 is still unclear, however most major equity indexes are up year-to-date. Treasury yields have picked up slightly over the past week, but the 10-year remains range bound between 3.5-4% as it has been since November. Oil prices are starting to creep up again, but they will not likely spike to mid-2022 levels.
All eyes will be watching inflation this week, as the January CPI will be released on Tuesday. Expectations call for the deceleration in price gains to continue, which should provide further evidence to the Fed for reduced interest rate hikes in the future.
The multifamily market was mostly flat last week as major leading indicators remained unchanged. The industry remains poised for a strong leasing season which should begin in the coming weeks. As the weather improves across much of the U.S., traffic and leasing will be the first metrics to show growth. All signs thus far have pointed toward a normal leasing pattern in 2023.
Key Takeaways – Data as of 02/12/2023
Traffic and Leases:
Net Effective Rent:
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