Dave:
Well that is relatively good news in my mind. I do think obviously as real estate investors, people who are seeing rent growth stagnate or flatten out, that is not the best for business. But after so much rent growth over the last couple of years, we’ve been in a situation where there was a period where the whole country was considered rent burdened over 30%. Is that right?
Lu:
That is roughly in 2022. So if we recollect when federal reserves started hiking interest rate to tam the run on inflation. So this affordability crisis was most acute in the second half of 2022, which is aligned with the general inflation trend. Luckily, there has been a period of interesting time, which is putting us around the second half of 21, early part of 22. And that period features low interest rate, heightened migration flow, internal domestic migration flow, and the rental demand was heightened, also encouraged by this preparation of return to office mandate. So at that period of time, investors and developers have been highly encouraged to have more permits pulled and there’s more housing being started on both single family and multi-side and accounting for usually about two years of construction period. That pretty much put us to this construction booming 24 and early part of 25. Got it. So that’s where we have gotten that pressure easing a little bit over the past year or also
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