Keepin' It Real  

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  • Alex Pettee, CFA

Rents Roar As Hiring Rebounds

  • U.S. equity markets were mixed this past week as better-than-expected housing market data and "Goldilocks" employment data were offset by ongoing COVID concerns abroad over the "Delta" variant.

  • Setting fresh record highs on seven straight days - the longest streak since 1997 - the S&P 500 gained 1.7% on the week, but Mid-Caps declined 0.5% and Small-Caps dipped 1.4%.

  • Real estate equities were mixed as COVID-sensitive property sectors - hotels, retail, and office - were under pressure while "essential" sectors - housing and technology - led to the upside.

  • The accelerated pace of hiring comes as additional states have phased out supplemental pandemic-related unemployment benefits which - in some cases - resulted in higher pay than the employment alternative.

  • Apartment rents are soaring at the fastest levels on record according to fresh data this week as residential rents invariably "catch up" with the recent surge in home values across the country.

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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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