COMMERCIAL REAL ESTATE'S ECONOMIC ADVISORS

CPI is the last major data release before the FOMC convenes on September 15–16, amid increasingly hawkish projections for its upcoming interest rate decision.

This week’s Rental Housing Weekly Briefing examines the August jobs report, where stronger-than-expected payroll growth and upward revisions to prior months improved the near-term employment picture but reinforced upward pressure on interest rates, alongside a new Chandan Economics–Arbor Realty Trust analysis showing that build-to-rent construction remains elevated despite moderating from its 2024 peak.

August’s stronger-than-expected job gains, on top of the June and July revisions, give hawks additional fodder for the September meeting.