What I'm Listening To AJ Osborne had Scott Ramser and I on his Self Storage Income Podcast to discuss our recent acquisition of Adult Toy Storage in Altamonte Springs, FL. Scott gives a great overview on how to reposition a large RV and boat storage facility and the interview gave...
December 8th – Tailwind
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...
November 22nd – Emergency Measures
What I'm Reading Bottoms Up: Despite all the talk about burnout and reevaluating priorities, the soaring quits rate has little to do with white-collar jobs. It's more about lower-income people getting the chance to move up. Bloomberg Desperate Times: Federal lawmakers are pushing California Governor Gavin Newsome to declare a...
November 19th – Perfect Disguise
What I'm Reading Narrative Shift: Distressed debt funds are rebranding themselves as "opportunistic credit" as they come to the realization that distressed opportunities don't really exist at the moment. WealthManagement.com Turning Point? North American sublease office sector inventory declined for the first time since the pandemic began. Cushman and Wakefield...
November 5th – Danger Zone
What I'm Reading Leverage: Just when you thought that the situation at west coast ports couldn't possibly get worse, contracts for 15,000 west coast dockworker union members are due to expire on July 1, 2022. Obviously, this situation gives the union a ton of negotiating leverage. As a point of...
November 1st – Disconnect
What I'm Reading Disconnect: COVID-19 has broken the longstanding connection between wage growth and employment levels. Typically, the rise in wages currently seen would have us at near full employment but that has not yet happened. Full Stack Economics Dispersed: Co-working companies are making big bets on the suburbs, including...
October 26th – Cooling Off?
What I'm Reading Cooling Off? Some of the hottest housing markets in the country are showing signs of slowing down with inventory increasing and more sellers reducing asking prices. Bloomberg The article specifically talks about Boise - a rental market that we are bullish on (we recently closed our second multifamily...
October 25th – Standoff
What I'm Reading Standoff: Stimulus programs over the past two administrations, coupled with enhanced unemployment and rising asset values have left American balance sheets in better shape than ever. They have also given workers the flexibility to hold out en masse for higher wages, contributing to today's labor shortage. (h/t...
October 13th – We’re Number One
What I'm Reading We're Number 1: Money laundering is a problem across the economy but nowhere is it more prevalent than in the real estate - especially in the US. Miami Herald Less for More: While many companies have responded to supply chain shortages and wage inflation by raising prices,...
September 9th – Back to School
What I'm Reading Back to School: COVID caused slowing of new supply in the student housing market, helping to stabilize rents. Now that class is back in session, some of the world's largest property investors are pumping billions of dollars into buying and developing off-campus housing. (h/t Mike Deermount) Wall...