Wages Outpace Rent for 40 Months, Prime‑Age Renters Benefit
Wage growth has now surpassed rent growth for 40 straight months and counting. The gap is particularly wide when you narrow to prime age workers living in apartments or build-to-rent single-family homes. https://t.co/Bdj47ywr9H
Apartment Loan Originations Jump 46%, Signaling Debt‑Driven Inflection
Apartment loan originations in Q1 surged 46% year-over-year, making Q1'26 the 2nd-largest Q1 in history, behind only Q1'22. Lots of refinancing helping stabilize the sector. Still tough to raise equity and still mismatch between buyers and sellers on values, but the...
Spring 2026 Rents Show Steadier Momentum Than 2025
Apartment rents aren't exactly popping, but they're showing more consistent momentum here in spring 2026 than they did in spring 2025. Last year, the leasing season started strong and then fizzled out. This year shows more consistency. Data below from Apartment List,...
Apartment Ownership Stays Fragmented, While Management Consolidates Rapidly
Here's a fascinating trend getting scant attention: Apartment ownership is as fragmented as ever, but MANAGEMENT is increasingly consolidating. The narratives around the AvalonBay/Equity merger really miss this point. There's always been M&A, and yet apartment ownership remains very accessible to...
Most Large Apartment Buildings Funded by Private Equity
Laughed out loud when I read this. It's probably closer to 90% than 13%, especially if narrowing to larger apartment buildings. These buildings cost 8 to 9 figures. Who is buying that if not "private equity"? And how are REITs and...
Tiny Market Share Merger Seeks Cost Synergies, Not Pricing Power
Some quick thoughts on AvalonBay + Equity Residential merger announced today. 1) Big names, but still small market share. About 0.5% of the market combined. Fun fact: The combined firm will have 180k units, which is less than Equity had at...
Senate Bill Broadens Home Definition, Blurs Institutional Line
Reporters: The House bill's language on "institutional investors" and "single-family homes" is being widely reported as "the Senate version" and "stricter," but it's not that clean cut in reality. My guess is D.C. insiders are putting their spin on it...
Limiting Institutional Investors Cuts Housing Supply, Hurts Families
When people argue "institutional investors shouldn't invest in housing," you're arguing for reduced housing supply b/c they build a lot of it. That hurts families who can't afford to buy, and doesn't hurt investors b/c they'll just invest in stuff like...
Populist Housing Bans Backfire, Boost REIT Buybacks
How's this for irony? Stock prices for the single-family rental REITs fell when President Trump pushed a ban on institutions buying houses and they fell again when the Senate passed ROAD to Housing. The REITs then took advantage by buying back their...
Sharpton Calls ROAD Housing Act Regressive, Hurting Average Families
Reverend Sharpton understands that the ROAD to Housing Act is regressive policy that harms American families who aren't rich enough to buy a house.
CPI Shows Record Rent Surge, Contradicts Private Data
A truly bizarre CPI shelter inflation reading for April. CPI shows the fastest month-over-month ACCELERATION in rent and OER since 2023. There's zero evidence of this in any of the higher-quality private sector datasets. https://t.co/ylVrh5TORW
Reforming Dodd‑Frank Needed to Boost Homeownership Access
If we really want to make homeownership more accessible for more American families, we'd have to unwind / reform Dodd-Frank restrictions on subprime lending. Absent that, if we reduce rental supply, we just make it harder and pricier for families to...
Less Housing Act Resurfaces, Blocking Construction with Bureaucracy
Well, the ROAD to [Less] Housing Act is back on the radar it seems. Reminder that this bill effectively bans construction, not just acquisitions, and creates enormous new bureaucratic red tape over housing.
AMH Posts Record Leasing Volumes, Reverses Slow Cycle
AMH (single-family rental REIT) said on earnings call that they recorded "record leasing volumes for March and continued momentum through April" -- reversing what had been a slow leasing cycle.
REITs Forecast Rent Growth as Supply Tightens
Apartment rents have been flat/falling for 3+ years, but REITs say that's about to change. Supply is falling, occupancy rates firming up, rent-to-income levels dropping-- which could all lead to rent increases again ... though nothing like the inflationary spikes of...