What I’m Reading
Tailwind: The US apartment market continues to strengthen with strong rent growth and occupancy at all time highs. RealPage FWIW, this is exactly what should logically be expected to happen in an environment with strong household formation demographics and an increasingly tight homebuying environment – Marginal buyers become renters.
Weighed Down: With vacancy and sublease availability remaining stubbornly high, the uncertain future of how office properties combat remote working trends is weighing heavily on the U.S. commercial mortgage-backed securities market. Commercial Observer
About Time: College enrollment has been declining since 2012. Now, inflation-adjusted college tuition is on the decline as well. Full Stack Economics
Reprieve: Home price growth has finally begun to slow and several prominent economists believe that prices will grow very slowly – or may even fall slightly – in 2022. However, most of the potential ownership cost savings will be eaten up by likely-higher mortgage rates. Fortune
Betting the House: As real estate funds increase multifamily allocations, they are buying operating companies – not just individual properties and portfolios – as part of the business model. Globe Street
Chart of the Day
The bull case for brick and mortar retail in one chart.
Source: @ModestProposal
WTF
Nice: A new study found that taking Viagra cuts the risk of Alzheimer’s by up to 69 percent. NY Post
Side of Meth: A Tennessee Waffle House chef was arrested for selling meth from the restaurant where he worked. The Smoking Gun
Basis Points – A candid look at the economy, real estate, and other things sometimes related.
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