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  • Alex Pettee, CFA

REITs Rally As Rents Roar

  • U.S. equity markets were mixed this week following a disappointing employment report that raised questions about the momentum behind the economic recovery and the monetary policy direction of the Fed.

  • Impacted by chatter over potential corporate tax hikes, large-caps led the way on the week with the S&P 500 and Nasdaq 100 each posting weekly gains, but Mid-Caps and Small-Caps lagged.

  • Real estate equities were firmly higher following data showing that rents are soaring across the country at "staggering" rates, pushing the Equity REIT Index higher by nearly 4% on the week.

  • Single Family Rental REIT, Invitation Homes reported that it achieved 18.9% growth on new leases in August. Apartment REIT, Centerspace became the 101st REIT to raise its dividend this year.

  • The U.S. economy added just 235k jobs in August - far below consensus expectations of 720k - providing further evidence that progress on economic reopenings stalled amid the "fourth wave" of the pandemic.

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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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Hoya Capital Research & Index Innovations is an affiliated index provider and research firm that builds custom indexes tracking U.S. commercial and residential real estate sectors, including indexes tracked by exchange-traded funds (ETFs). 

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