U.S. Annual Effective Rent Growth Turns Positive - RAOT Week of January 5th 2025

U.S. Annual Effective Rent Growth Turns Positive

The Bureau of Labor Statistics (BLS) will release its final national jobs report this Friday. In all, the labor market was much stronger in 2024 than many economists predicted. The final report should show roughly 2 million jobs were added last year, and the unemployment rate hovered in the low 4% range.

Economists will be anticipating upcoming releases in February and March when the BLS provides its annual revisions to job growth for the U.S. and metropolitan areas. Based on initial estimates announced last summer, there could be some significant revisions to the previous totals, and the new numbers could reshape forecasts for operational performance for multifamily by some degree.

While elevated supply totals had a major impact in 2024, the BLS’s revisions could help explain why some markets underperformed in a year when so many jobs were supposedly added...

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