¡Ay, Caramba! Renters are Trapped Like El Gato in a Box!

The Great Escape? More Like the Great Stay Put!

Madre de Dios! It seems the valiant renters of this world are not as…valiant as one might think. Usually half of those living in city apartments would pack their bags and ride off into the sunset when their leases are up. But now? The brilliant Alex Goldfarb at Piper Sandler calls it 'striking'! Landlords are seeing turnover rates plummet lower than my chances of turning down a saucer of leche! They say only 30% are moving out compared to the usual 50%. What is this sorcery?

Reasons? I've Heard More Excuses from Dulcinea!

Ah the reasons! Like a dragon guarding its gold the for sale market is too expensive! Then there's a shortage of rentals economic jitters that give me the whisker twitches and the dreaded tariffs! And let's not forget the cost of moving – more treasure than even I Puss in Boots have dared to steal in one go! Many renters are moving to suburban apartments which are larger and more comfortable. So it is not easy being green!

Landlords Smiling Like the Cheshire Cat!

¡Bueno! Landlords are raking in the gold! They're getting better deals when leases are renewed because no one wants to face the outside world. This translates to more coins jingling in their pockets because they're saving on repairs painting and cleaning – those pesky tasks that always seem to fall on someone else. Smart eh?

West Coast is the Best Coast (For Landlords At Least)!

If you're a landlord the West Coast is where the party's at! Essex Property Trust and Equity Residential are living the good life thanks to their strong presence in those sunny lands. San Francisco and Seattle are bouncing back faster than I can recover from a tumble (which as you know is quite fast) thanks to those tech giants demanding their employees return to the office! Back to office mandates that's what I call a good motivator!

Sunbelt? More Like Sun ...Burnt!

Ah the Sunbelt. It had its moment in the sun hotter than my temper when someone steals my cream. But now? Not so much. Camden Property Trust and Mid America Apartment Communities had a good run but they might be singing a different tune if a recession hits. Job losses could turn their fortunes faster than you can say 'Giant.'

A Glimmer of Hope in the Desert of Despair!

Fear not amigos! After a dip last year rents are rising again! Up 0.9% year over year to be exact. People are moving into apartments faster than you can say 'sword fight'! Vacancy rates are dropping a sign that the market is turning a corner. Kelli Carhart from CBRE says this is a turning point and investment activity will increase in 2025. Looks like even this cat has a few more lives to live in this market.