*UPDATED* (and still true) When you build "luxury" new apartments in big numbers, the influx of supply puts downward pressure on rents at all price points -- even in the lowest-priced Class C rentals. Here's evidence of that happening right now: There are 21 U.S. markets where

Spent >$100 on a tank of gas for the first time in my life this week. Had rented a car in California. ⛽️

Model Y Standard & Model 3 Standard are here

Two things are true in [insert your favorite city name in Sun Belt or Mountains] 1) It's a lot more expensive than it used to be. 2) It's still incredibly affordable relative to other major cities.

When operators get sued for ACCEPTING vouchers, I mean, what else can you do?

D.C. sues affordable housing operator for setting rents at levels approved by the city. 😂 Gotta have a strong appetite for risk to invest in housing development in D.C.

Link to article https://t.co/CBRL0YtPEY

New research from analytics firm RCKRBX aligns with prior study from @bobbyfijan showing American renters want more 2- and 3-bedroom apartment units.

When we started this journey, we had no idea where it was going to take us. We poured our heart and soul into this book for the sole reason of making a positive impact on humanity. Today, we are excited to announce that we have sold 50,000 copies since launch! Thank you from

A house is a home first, and that can be worth more than an investment to a homebuyer. But there are better ways to build wealth.

And kudos to @TXReasSolutions for pushing back on these things in cities across TX. Link:

I'm way late to this one, but have to point out: In Texas, you see bumper stickers that say "Don't California My Texas," and yet that's exactly what some cities are doing through their creative efforts to skirt a new state law allowing multifamily on land zoned commercial. From

Link: https://t.co/nHLsz6IEWb

Good read from @jamie_rod on "The hot new real estate scam" ... leasing fraudsters "about to add a huge headache to your next home hunt -- and could even drive up your rent."

The sheer number of significant world leaders gathering shows how big a deal this is. Everybody wanted their name attached to it, creating an extraordinary scene.

Housing supply flat earthers weeping, gnashing their teeth.

... You guessed it... Class C apartment rents are still growing in low-supplied markets. In 19 of the 20 MSAs where Class C rents growing >3%, new apartment supply TRAILS the U.S. average. Maybe it's all about supply and demand?

Weird... Check out these lists showing where Class C apartment rents are falling most. (Class C = cheapest market-rate units.) In 16 of the 17 MSAs where Class C rents FALLING >6%, new apartment SUPPLY exceeds the U.S. average. And ... guess where Class C rents growing MOST?

Ugh. YIMBY friends see below.

Honest question for my friends here running smaller apartment development shops. Big developers typically build only ~25% of all apartments, but that share jumped last year and I think it'll jump again next year. It's just so tough to build right now, even for the big guys --

On the contrary, we should be celebrating that wages are significantly higher today than pre-COVID *across the full distribution* of American workers. Tremendous achievement!

I don't understand why some people think it's a good idea to discriminate against renters and ban them from living in single-family homes -- particularly with research showing those homes give kids access to better schools where they're more likely to thrive. (Note Jason's

Unpopular opinion: Population-to-housing ratio isn't a useful stat, particularly when the birth rate is declining, household sizes are shrinking and more people (especially renters) are living solo.

... that doesn't mean it won't happen. Two things to watch: 1) Absorption will likely decline as supply declines, just b/c the two tend to be correlated. 2) Rental housing isn't fully immune to a weakening economy, so if job growth is anemic, eventually demand will drop off.