Inflation remains the metric most heavily scrutinized in today’s economy, as prices continue to rise at generationally high rates. However, April’s Consumer Price Index may have offered a slight glimmer of hope that price increases may begin to slow in the coming months. While one month is not a trend, the CPI in April decelerated for the first time since inflation worries gripped the economy last year. The Fed has taken action to fight inflation, increasing interest rates and tightening monetary policy. While some, including former Fed Chair Ben Bernanke, have criticized the Fed for it’s delayed response to inflation, it appears that Jay Powell’s Fed will continue to increase rates until price increases have slowed significantly. Ahead of the upcoming mid-term elections, inflation will be one of the biggest topics on voters minds.
Price increases continue in the multifamily market as well. While rent increases have helped many owners and operators meet and exceed their revenue projections, continued labor and construction materials costs have had an impact on development. Demand remains robust, with traffic and leasing continuing amid very strong occupancy and leased rates. Delays in the construction sector for both rental and for sale housing will continue to support demand in multifamily. Net effective rents continued their upward climb, increasing 40 basis points nationwide last week.
Key Takeaways – Data as of 5/15/2022:
Traffic and Leases:
Occupancy and Leased Percentage:
Net Effective Rent:
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