All eyes on Wall Street this week are focused on big tech earnings, as companies like Apple and Amazon report for the first time since interest rates spiked. The Fed has made it clear it will raise interest rates rapidly to curb inflation. While interest rate hikes may not have a direct impact on consumer spending, the knock on effects of a slower economy should eventually impact the tech giants. This week’s earnings may be the first glimpse we get into that slow down.
On the multifamily side, apartment REITs have done well over the past few months despite the overall sell off in the equity markets. As major indices dropped between 5-10%, most residential REITS have remained flat or slightly positive. The multifamily industry appears poised to continue its steady growth, and fundamentals have remained strong. Increased borrowing costs will likely make deals harder to pencil, but the underlying demand fundamentals should keep investment capital flowing into the sector.
Key Takeaways – Data as of 4/24/2022:
Traffic and Leases:
Occupancy and Leased Percentage:
Net Effective Rent:
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