COMMERCIAL REAL ESTATE'S ECONOMIC ADVISORS

This week’s Rental Housing Weekly Briefing examines the Fed’s latest Senior Loan Officer Opinion Survey, which shows multifamily underwriting standards continuing to normalize even as borrower demand remains soft, alongside Yardi Matrix data showing modest national rent growth and improving short-term momentum across several previously weak apartment markets.

US employers shed 23,000 jobs in July, missing consensus forecasts of a gain of 80,000 to 95,000 and the first monthly job loss since October 2025.

Tepid shifts in cost-burden levels can conceal sharper increases in severe cost burdens, proving the topline number doesn't always capture concentrated distress.