Dave:
Level. So then the affordability that you’re talking about, if it’s not from rent declines, then it’s just because incomes are outpacing that rent growth.
Lu:
Well given the gap, yes. So we are still having this healthy margin, we are looking forward that income growth will still outpace rent growth just given how marginal and how much below historical average we’re looking at from the run growth perspective, I’m positive the housing affordability will continue to improve through 2025, but there is a catch though. So when we talk about the income growth is also goes into different occupations. So we are seeing this, AI has been really playing a much more important role in today’s job market.
So
Depending on which particular industry our renter household will be located in and there may be some different dynamics playing at a more granular level. So that’s why it’s very important we talk about the national headline number, but there is also nuances at individual match because real estate is all local but also the individual demographic cohort.
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