Apartment Demand Growth Amid Record Supply

As a historic wave of newly-built apartments continues beyond the one-year mark, elevated absorption numbers and data showing the first positive growth in occupancy in 2+ years are noteworthy signs of resilience in the apartment market. In the broader economy, lower jobs numbers and declining consumer credit suggest a pullback in consumer spending and (hopefully) lower inflation, but while consumers may balk at ever-pricier Big Macs or Frappuccinos, apartment housing is still in high demand. Sources discussed in this episode: RealPage: “Apartment Occupancy Ticks Up for the First Time Since Early 2022” - https://www.realpage.com/analytics/april-2024-data-update/ Yardi Matrix: “National Multifamily Report, April 2024” - https://www.yardimatrix.com/publications/download/file/5497-MatrixMultifamilyNationalReport-April2024 Reuters: “Weaker US jobs data soothes Fed worries of renewed overheating” - https://www.reuters.com/markets/us/weaker-us-jobs-data-brings-some-relief-fed-2024-05-03/ The Motley Fool: “Consumer Credit Oozes Up 0.4%” - https://www.fool.com/investing/general/2013/06/07/consumer-credit.aspx Federal Reserve Bank of San Francisco: “Pandemic Savings Are Gone: What’s Next for U.S. Consumers?” - https://www.frbsf.org/research-and-insights/blog/sf-fed-blog/2024/05/03/pandemic-savings-are-gone-whats-next-for-us-consumers/ For the latest multifamily news from across the internet, visit the Gray Report website: ⁠https://www.grayreport.com/⁠ Sign up for our free multifamily newsletter here: ⁠https://www.graycapitalllc.com/newsletter⁠ DISCLAIMERS: This podcast does not constitute professional financial advice and is for educational/entertainment purposes only. This podcast is not an offer to invest. Any offering would be made through a private placement memorandum and would be limited to accredited investors.