The surge in apartment construction is softening the Class B market more than any other asset class.

For one, the Census methodology is notoriously thin and volatile, he writes.

It's going to be a tough road for many developers delivering lease-ups in 2023 and 2024.

"Loss to lease" is the gap between today's market asking rents and the average in-place rent.

It is inflation that is contributing to weakened consumer confidence and heightened uncertainty.

On the flip side, rent payments have fallen the most in subsidized affordable housing – where rents have grown the least.

There's little evidence of a trade-off effect between for-sale and for-rent homes.

There are several factors driving this rebound.