U.S. Apartment Demand Surges

Ranked: Countries With the Most Millionaires and Billionaires and 8 more Real Estate Insights

Enjoy the newsletter? 🙏 Please forward to a friend. It only takes 10 seconds. Writing each one takes a couple of hours. A referral also earns you a 3-month free trial of the pro plan. Share the link at the end of the email.

Unsubscribe below if you would like to stop receiving future emails

Latest Rates

Loan Type


Daily Change

Wkly Change

52-Wk Low/High

30 Yr. Fixed





15 Yr. Fixed





30 Yr. FHA





30 Yr. Jumbo










30 Yr. VA





Real Estate Trends

Soft Jobs Report Increases Chance of Lower Mortgage Rates link

  • The June jobs report shows an increase in the unemployment rate from 4.0% to 4.1%, indicating a cooling labor market. This uptick is due to more people becoming unemployed rather than joining the labor force.

  • The report noted 206,000 jobs were created in June, slightly above expectations, but revisions to previous months revealed 111,000 fewer jobs than initially reported. Wage growth remained steady at 0.3% month-over-month and 3.9% year-over-year.

  • The Fed is now likely to cut rates in September if inflation data aligns with expectations. This potential rate cut could lead to lower mortgage rates by the end of the year, benefiting home buyers and sellers.

U.S. Apartment Demand Surges in 2nd Quarter link


  • The U.S. saw a significant demand surge for apartments in Q2 2024, with 390,000 units absorbed over the past 12 months. This marks the eighth-largest annual absorption on record, close to pandemic-era highs.

  • Despite strong demand, supply continues to outpace it, with over 500,000 new market-rate apartments delivered in the past year. This represents a 45% increase from the previous 12 months, the highest since 1986.

  • The South region led the demand, absorbing 226,000 units, nearly 60% of the national total. The West region followed with 89,000 units, its strongest absorption in two years, showing signs of improvement after a challenging period.

Please note: I send an email most weekdays at 6:00 ET, so if you don’t see the email in your inbox in the future, please check your spam.

Location Specific

Ranking Apartment Rent-to-Income Ratios Across California link


  • San Francisco has the highest effective apartment rents among California's major markets at $3,268 as of May 2024, but high incomes result in a median rent-to-income ratio below the national norm. This highlights a balance between high costs and high earnings in the Bay Area.

  • Riverside holds the highest rent-to-income ratio in the state at 29.9%, indicating a significant burden on renters relative to their income. Other cities like San Diego, Oakland, and Los Angeles also exceed the national rent-to-income ratio average.

  • Stockton is the most affordable, with the lowest effective rents at $1,868 and the lowest rent-to-income ratio at 18.7%. This suggests that Stockton offers more manageable living costs compared to other Californian cities.

One Chart

US Apartment Market Trends, June 2024


Pro Member Only Content Below

June Employment Report Keeps September Rate Cut on the Table 

(This content is restricted to Pro Members only. Upgrade)

Where Military Homeownership Is Booming 

(This content is restricted to Pro Members only. Upgrade)

An Interesting Insight: Number of Months from the Last Fed Hike to the Start of the Recession

(This content is restricted to Pro Members only. Upgrade)

These Kind of Companies Have Higher Turnover Rates 

(This content is restricted to Pro Members only. Upgrade)

Who is getting funded in Proptech?

(This content is restricted to Pro Members only. Upgrade)

Off Topic

Ranked: Countries With the Most Millionaires and Billionaires


Unreal Real Estate

I love everything about this house.

It would mean a lot if you could reply and tell me which story you liked the most. 🙏

That's all, folks.



P.S - Read past newsletters here

Referral Milestones


Referrals Needed

3 MONTHS FREE on the Pro Plan


30% off FOREVER on the Pro Plan


50% off FOREVER on the Pro Plan


75% off FOREVER on the Pro Plan


100% off FOREVER on the Pro Plan


If you are finding value, please consider helping the newsletter by becoming a paying subscriber

A subscription gets you:

✓ More issues per week

✓ Special reports on new housing studies

✓ Exclusive insights that are usually tucked behind paywalls (which I cover the costs for)

✓ Curated Top 10 lists

✓ The latest updates on prop-tech funding rounds

Want to sponsor the newsletter? Details here


or to participate.