CRE | Weekly update (vol. 6)
First estimate of quarterly GDP reported at 2.3% slight slowdown but still robust.
The BEA released its first estimate of 1st quarter GDP at 2.3%.
This is below the prior quarters 2.9% reading, but still showing steady growth.
Private Inventory Investments accelerated this reading which represents growth stronger than what was seen in recent years, on average. Many economists suspect that future revisions may reveal the economy grew even faster than 2.3%
Multifamily rents continue to rise for second month, according to Yardi Matrix
The Yardi Matrix Report showed a $4 increase in April rents to $1,377 - the strongest growth since last spring.
Still, the growth is not universal as lower priced markets (Orlando, Tampa, Las Vegas, for example) are growing much faster than large expensive markets like New York where declines are still being seen.