In what is perhaps something of a silver lining for the rental housing sector, recent data suggests it is the most expensive time to buy a single family home since the mid 1990s. But, as with all things in the current real estate market, there is more to the story.
The economy as a whole is doing generally well, but the housing market remains remarkably challenged. There were just 1.13 million homes on the market nationwide in September, the lowest total on record for any September.
With an extremely limited number of existing homes for sale on the market, and ever-higher interest rates driving up the cost of home ownership relative to renting, this, all else being equal would be a boon for institutional landlords, however the substantial recently delivered and soon to be delivered supply of apartments is putting the brakes on rent and occupancy growth.
Leading indicators like traffic and leasing remained flat nationwide last week, while we saw a continuation of the recent downward trends in RevPAU.
Key Takeaways – Data as of 10/22/2023
Traffic and Leases:
Occupancy and ATR:
Net Effective Rent:
Revenue Per Available Unit:
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