After a quiet week on the economic front last week, all eyes will be on Capitol Hill, as Fed Chair Jerome Powell will begin a two-day testimony to Congress on Tuesday. Congress will likely grill Powell on the Fed’s next interest rate hike and the path forward for interest rates through the balance of this year. In recent weeks, regional Fed Presidents have been advocating for more hawkish policy and faster interest rate hikes. Powell’s tone as well as his message will likely dictate how the Fed will move at its next meeting scheduled for March 22nd. However, the February jobs report as well as February inflation will be released prior to the next Fed meeting, and the data coming from those reports will also have a significant impact on the direction of interest rates.
Most apartment fundamentals were flat last week, however traffic nationwide ticked up modestly. The average property is now averaging 8 tours per week for the first time since August. While the rest of our rent and operating metrics have yet to show signs of major growth, the continued rise in traffic is promising for the industry.
Key Takeaways – Data as of 03/05/2023
Traffic and Leases:
Occupancy and ATR:
Net Effective Rent:
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7150 E Camelback Rd.
Suite #333Scottsdale AZ, 85251
Phone: 602-892-4788Email: info[@]radix.com
Rr. Ukshin Hoti, Nr. 120
Kompleksi Ramiz Sadiku, C3
Kosovo, Prishtine 10000
Phone: +383 44 855 334Email: info[@]radix.com