• Alex Pettee, CFA

REITs Back On Top

  • U.S. equity markets were mixed on a volatile holiday-shortened trading week as renewed concerns over the spread of COVID variants and downbeat economic data pulled global sovereign yields to five-month lows.

  • Climbing for the third-straight week and closing at record highs, the S&P 500 gained 0.4%, but the Mid-Cap 400 and Small-Cap 600 each declined for the second-straight week.

  • Led by residential REITs, real estate equities stayed red-hot this week and are now the best-performing major asset class this year with total returns of nearly 25%.

  • Apartment rents are soaring at the fastest pace on record, and fresh data this week showed an acceleration into late June with rents increasing by 2.3% nationally, pushing the year-to-date gains to a 'staggering' 9.2%.

  • Help Wanted! Job openings climbed to record-highs in May as employers struggle to offer competitive wages relative to generous unemployment benefits offered by the state and federal government.

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Disclosure: A complete list of holdings and Real Estate and Housing Index definitions and holdings are available at HoyaCapital.com. Hoya Capital Real Estate advises an Exchange Traded Fund listed on the NYSE. Hoya Capital is long all components in the Hoya Capital Housing 100 Index.

Additional Disclosure: It is not possible to invest directly in an index. Index performance cited in this commentary does not reflect the performance of any fund or other account managed or serviced by Hoya Capital Real Estate. Data quoted represents past performance, which is no guarantee of future results. Information presented is believed to be factual and up-to-date, but we do not guarantee its accuracy.

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