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  • Alex Pettee, CFA

Weekly Review: Real Estate Outperforms As Rent Inflation Heats Up

  • For the full report, click here to visit Seeking Alpha!

  • The ongoing trade spat between the US and China sent the S&P 500 and Nasdaq lower by more than 2%, the worst week of 2019 for the major averages.

  • Domestic-focused real estate equities generally outperformed on the week, lifted by inflation data that suggested that ‘Goldilocks’ economic conditions persist. Trade disputes, however, threaten to upset this delicate balance.

  • CPI data came in cooler-than-expected. Besides housing costs, inflationary pressures remain muted. At 3.8%, rent rose at the fastest rate since mid-2017, powered by tight supply and strong household formations.

  • Strong earnings results from Zillow and Invitation Homes were highlights of the final week of peak earnings season across the REIT and housing sectors. Results were generally better-than-expected.

  • Labor markets remain relentless. JOLTs data showed that job openings rebounded better-than-expected in March, the biggest gain in a year. There are 1.3 million more openings than unemployed Americans.