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00:00 I got some fresh new rental data for you. And it shows something a little different than what most
00:05 people are saying. Yes, rent growth is slowing from where it was during the pandemic. But if
00:09 you look at the difference between multifamily and single family, it tells a unique story.
00:13 Single family rents in orange are actually up 5% year over year, which is higher than the long
00:18 term average and higher than the rate of inflation. When you look at multifamily rents, they're up,
00:23 but by less than the rate of inflation. So single family rents are generating a real increase while
00:28 multifamily is not. And some single family markets are doing even better. If you look at the top
00:32 performers, which are mostly in the Midwest and Northeast, you see that all of them are between
00:36 6% and 10% growth. Amazingly, there are actually only two major metros in the US right now that are
00:42 seeing rent declines for single family houses. Multifamily rents, there are still markets that
00:46 are growing really well, but they're not growing as quickly as the best single family market.
00:51 Worst performing multifamily markets have steeper declines and there are more markets in a correction.
00:55 So rent growth comes down to the region of the country and your asset class.
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