COMMERCIAL REAL ESTATE'S ECONOMIC ADVISORS

Despite CPI registering in line with expectations, futures market forecasts for the Fed's September interest rate decision moved meaningfully following the release.

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.