Market Update | JUNE 21

DID YOU KNOW?

Top Headlines: Delivered by Leonard Steinberg

JUNE 21, 2023

01 Is a boost in inventory going to come from institutional owners?

Just two years after Starwood Capital Group purchased a portfolio of thousands of single-family rental homes from Pretium Partners in 2021 for more than $1 billion, the firm is already looking to sell more than 2,000 single-family rentals. As of the end of March, the REIT owned slightly more than 3,200 single-family rentals, a portfolio valued at $1.26 billion. (BLOOMBERG)

02 What Do Austin, Nashville and Philadelphia Have in Common?

They’re all standouts, adding jobs at a much faster pace than the rest of their states. Quality of life and the ability to add housing are important components. (Bloomberg)

03 Walls or hedges for privacy?

Many homeowners who live in areas that have height restrictions on fences opt for a hedge instead.....and hedging plants can grow over 20ft and higher! Sometimes double rows of hedges deliver added privacy. (FT)

04 UK inflation remained stuck at 8.7% in May, worse than the 8.4% expected, and more than double that in the US, raising pressure on the Bank of England to ramp up interest rates. Brexit is partly to blame for the soaring inflation driving the cost of living crisis in the UK, a former governor of the Bank of England has said. A recent interview with a US economist warned that the expectation of 2% inflation in the US may be unrealistic with a huge push to make more things in the US.....cheap imports have kept prices low for decades..... (FT)

05 The new real estate transfer/mansion tax in Los Angeles was supposed to give the city an average of $56 million a month in its first year. In its first month, it produced a fraction of that: $3.6 million. (BISNOW)

06 Some companies have stopped paying rent for office space: Twitter stopped paying its office rent in November 2022 and does not intend to restart payments or cover past dues, according to lawsuits. (FT)