Renters Regain Management and a New Hire Worth Forecast

Dave:
As traders, hire costs and hire progress are among the first issues that you just have a look at whenever you’re analyzing a deal, contemplating a market, or simply making an attempt to determine what sort of investments you’re going to make. And for a very long time, hire progress was comparatively secure and predictable, however not for the final couple of years. As of late, we’ve to pay a lot nearer consideration to hire traits with all the availability that is happening, all of the adjustments to demand within the market. If we would like our investments to carry out to their peak potential, we have to perceive this stuff. And we will’t simply have a look at one high line nationwide quantity. We’ve got to take a look at the regional and market traits and perceive actually in our subsection, our area of interest of the actual property investing world, what is occurring as a result of hire performs such an enormous position within the efficiency of our traders. So immediately, that’s what we’re gonna be digging into.
Hey, BiggerPockets listeners, it’s Dave right here for our weekly Larger information episodes, and it’s been kind of some time since we talked about what’s going on with hire traits. So I wished to carry on an knowledgeable to assist us perceive what adjustments have been occurring, how issues are shifting as we get in the direction of the top of 2024 right here. And so we’re bringing on Igor Popov, he’s the Chief economist with condo listing. They produce some actually fascinating insightful stories. So I’m wanting to carry on Igor to speak about firstly, the, I’ll hold it brief, however latest historical past of rents and what’s been occurring over the past couple of years. How the latest increase in multifamily provide has impacted rents and what’s occurring immediately in 2024 that may flip our consideration to the long run. And speak about how as provide peaks and new development stops coming on-line within the subsequent couple of years, like what’s gonna occur to rents then?
And since we’re recording right here on September 18th, and identical to an hour in the past we heard that the Fed reduce rates of interest by 50 foundation factors. We are going to get into that just a little bit, however to be sincere, nonetheless processing all of that info. And I do know for some individuals speaking about hire traits and progress can really feel like kind of this nerdy data-driven subject, but it surely doesn’t should be. And Igor actually does an excellent job of translating numbers and traits. It’s very clear takeaways that may show you how to in your investing profession and your investing selections. And I believe you’re gonna be taught a ton from our dialog. So let’s get into it. Igor, welcome to the BiggerPockets podcast. Thanks for becoming a member of us.

Igor:
Hello, Dave. I’m actually glad to be right here. Thanks for having me on.

Dave:
I’m excited to have you ever. We’re gonna discuss and dig into hire progress, hire traits. Mm-Hmm.

Igor:
<affirmative>,

Dave:
All of that great things that our viewers, I’m positive may be very keen to listen to from you about. However first, inform us just a little bit about your background and your work at Condominium Record.

Igor:
Yeah, completely. I’m the Chief economist and head of product analytics at Condominium Record, I ought to say. Condominium listing is a web-based, uh, rental market. So in the event you’re a a property supervisor, landlord, you’ll be able to listing a, a, a rental. In the event you’re a renter, you’ll be able to have a curated and a search expertise to attempt to discover the place that’s best for you. And I lead our inner analytics, but in addition our, our analysis staff, uh, that type of has an outward going through view and tries to know what’s occurring available in the market and likewise attempt to make it possible for the information that we’re seeing whereas we function our platform type of will get into the arms of the entire, the those who want it most to make selections. Um, and so I’ve a extremely enjoyable job. I get to speak to sensible individuals all day and mess around with a whole lot of fascinating housing market information. And, you recognize, after I, after I began on this position, I had no concept simply how bonkers the housing market within the US would <snort> would, would, would develop into, uh, as we acquired into 2020 and and the next years, I believe the demand for actual time, uh, rental information simply shot via the roof. And so yeah, we discovered ourselves in a really lucky place to have the ability to kinda present that to among the exterior world.

Dave:
Yeah. So I’m keen to listen to what is occurring. However earlier than we get into that, might you assist us simply set the stage and supply some context for what’s, quote unquote regular hire progress <snort>? Like in the event you Proper, had been to explain a bland 12 months of hire progress and hire costs. Mm-Hmm. <affirmative>, what would you count on?

Igor:
You recognize, once we had been dwelling our lives in 20 17, 20 18, 20 19, we didn’t consider these as notably regular years that we’d discuss with as, as regular for, uh, for a while afterwards. However from a rental market perspective, um, you recognize, rents, hire progress hovered between three to 4% yearly, type of outpacing broader inflation by only a tad. And there was some actually fascinating regional variation, but it surely wasn’t dramatic. You recognize, type of sizzling markets grew 5 to 7% a 12 months. Cool. Markets may develop, you recognize, 2% a 12 months, perhaps 1% a 12 months. Hire progress was actually sluggish. The one locations with actual double digit hire progress could be small type of fracking or oil cities. When one thing dramatic occurred within the vitality sector, they might have an enormous swing. Uh, come 2020 when the pandemic hit, the whole lot actually modified in a single day. And rapidly we discovered that these actual time shocks in demand might have dramatic swings on the housing market.
2020, we noticed, you recognize, rents actually nostril dive in among the, the, the cities the place, you recognize, location was on the highest premium, proper? New York, you’re there since you wanna be near the whole lot in New York, San Francisco, you wish to be there since you wish to be near, uh, superb jobs within the superb, uh, environment. Hastily when the shelter in place economic system took maintain, proximity wasn’t a superb factor anymore. That value premium basically evaporated. And we noticed hire declines in among the, probably the most, you recognize, excessive, extremely populated US cities, uh, on the order of 20 to 25% in locations like New York and San Francisco and, and, and Boston. So, you recognize, I believe that was the second, Dave, once we needed to type of throw out the analysis agenda <snort> that we had deliberate for 2020 and see, okay, how do we actually focus in on what’s occurring proper now?
However what’s much more fascinating is what occurred subsequent, as a result of as, as lots of your listeners I believe are, are deeply conscious of that type of created this coiled spring within the housing market, so to talk, that simply let loose all this vitality in beginning within the second half of 2020. However actually going into 2021, once we noticed this large increase in rents, our, our hire index confirmed hire grew 18% in 2021. Wow. Once more, unparalleled from a pre pandemic understanding of, of the US rental market. After which within the final couple years, we’ve actually been monitoring a, a cooling market ever since. Rates of interest began to rise, financial uncertainty began to essentially take maintain, and a few of that feeling of invincibility that some components of the economic system felt in 2021 began to dissipate. In order that’s nonetheless the market we’re in immediately. However, um, you recognize, as, as we’re speaking, the Fed simply introduced, uh, 50 level, uh, 50 foundation level reduce. So, uh, it’s definitely nonetheless a dynamic market. We haven’t seen a quote unquote regular interval of hire progress within the 2020s to date.

Dave:
Thanks for offering that context, Igor. I simply wished to name out that whenever you speak about cities like New York seeing double digit, 18%, 20% decreases how irregular that’s, even whenever you look again to intervals of financial problem, like the good monetary disaster, similar double digit hire progress. Uh, appropriate me if I’m unsuitable, Igor principally doesn’t occur. So like we had a, a extremely important shift in pattern, um, and a severity of, of decline that hasn’t occurred. Have the markets that noticed these declines like New York, have they since rebounded?

Igor:
Sure. They, they’ve, um, some extra, extra strongly than others. New York Metropolis had the, the, the wildest set of swings as a result of it, it was within the high two markets when it comes to hire declines in 2020 and really within the high two markets of hire progress in 2021. So I believe in the event you had been a New York renter a pair years in the past, you had been simply massively confused and confused. Um, uh, San Francisco has had a little bit of a, of a slower restoration as a result of a lot demand acquired swept away within the distant work, uh, acceleration from type of San Francisco as a, as a tech hub. However everybody actually rode the hire rebound of 2021. However this previous 12 months has actually seen much more geographic range in what’s occurring with hire traits. The pandemic additionally introduced with it type of this u-turn away from what we had been seeing when it comes to urbanization and demand simply flocking to downtown central enterprise districts. I believe renters voting with their ft are, are, are wanting far more at type of suburbs and locations with extra leg room on the margins as nicely. So there’s been a rebound, however nothing in comparison with the type of increase that we’ve seen in locations like Tampa, Florida, Phoenix, type of early within the early within the pandemic,

Dave:
The from city to extra suburban demand. Mm-Hmm. <affirmative>, it type of caught me off guard. I assume the whole lot in regards to the, the pandemic caught me off guard, however I, particularly as an investor, kind of had this very nearly stupidly simplistic view of the place to purchase actual property throughout this time was investing in Denver. I used to be like, the nearer I may very well be to downtown, the safer the funding. Is the listing much less dangerous? It’s. Mm-Hmm. <affirmative>, and I’ve to say, as an investor, it’s gotten tougher to choose neighborhoods as a result of suburbia is simply extra plentiful.

Igor:
Sure.

Dave:
And it’s not like, you recognize, it’s simpler to love draw concentric circles round downtown and be like, that is gonna be good hire progress and just a little bit additional out might be nonetheless good, however just a little bit weaker after which weaker after which weaker. And now it’s like making an attempt to guess which of those suburbs is gonna see pop off, which of them are gonna endure is tremendous onerous. I imply, it is a lengthy shot, however do you could have any, are there any traits to, like what varieties of suburbs are inclined to see probably the most progress?

Igor:
You recognize, when it comes to the, the varieties of locations too actually about these type of alternatives? I believe that the main focus actually shifted from being about proximity to work, to being about proximity to facilities type of broadly outlined, proper? I believe there’s been an actual untethering, which is only a actually basic shift, an actual important untethering from the place you select to, to dwell and the place you select to work, proper? So 30% of totally employed People, workdays are occurring at dwelling proper now. That’s not simply of us which might be totally distant and, and work solely on Zoom, however lots of people have not less than some days that they’re working from dwelling. You add all of it up, that’s 30% of, of totally employed days. And even these which might be going into an workplace, we’re seeing, uh, we’ve been monitoring this lengthy pattern of a rise in tremendous commuting.
Persons are simply dwelling farther from, from work they usually’re, they’re ready to do this. Possibly they don’t should go in as typically, in order that they’re type of untethering this determination. And I believe query turns into far more about, okay, if I don’t should be near work, what do I wish to be near? Is it regardless of the varieties of facilities that the large millennial technology likes to be close to? Is it, is it colleges? Is it, uh, city facilities in suburban settings, uh, like, you recognize, the good breweries and eating places? So I, I believe that what I might look in the direction of and the, the, after all there’s no crystal ball, there’s no onerous and quick rule, however I believe there’s been a shift away from simply work proximity basically to consider it as play proximity or, or proximity to the opposite issues that you just wish to, uh, type of energy, energy your life. So I believe having a thesis round what that appears like and why a neighborhood has that type of draw could be actually compelling and I believe needed since you’re proper, it has develop into a way more kinda multidimensional guessing sport of the place future renters will, will wish to be.

Dave:
That’s an excellent synopsis. Thanks, Igor. I, I believe it’s actually vital for our viewers to listen to what Igor simply stated about having a thesis as a result of it, you’ll be able to’t simply actually guess and this, that what works in a single metro space suburb won’t work in one other one. For instance, you recognize, I used to dwell and put money into Denver and, you recognize, proximity to trails or proximity to out of doors actions was actually common. I’ve a whole lot of buddies I, I grew up in, in New York, and so what you had been speaking about these city experiences in suburban environments, I do know like all my buddies who’re shifting outta the town, that’s what they prioritize. So you actually should, to know your market and provide you with your individual concept of what’s gonna drive demand. And in the event you dwell in that market, hopefully that must be onerous as a result of it’s like, the place do you wanna dwell? The place do your folks wanna dwell? The place are all of your individuals shifting?

Igor:
Proper?

Dave:
And you’ll kind of create the muse of your thesis based mostly on simply your individual private experiences.

Igor:
Mm-Hmm. <affirmative>. Yeah.

Dave:
All proper. Time for a fast break after which we’ll be again with extra greater information with Igor Popov, thanks for sticking with us. Let’s leap again in with Igor. Igor, thanks for kind of serving to us perceive the final couple years. How would you describe 2024 to date when it comes to the rental market?

Igor:
Uh, 2024 has actually been a, a shift again to a market the place the renter has just a little extra management and much more, extra choices than definitely what we, what we noticed a few years in the past. Um, the large story, the large narrative is round a brand new wave of multifamily provide hitting the market this 12 months and subsequent. And I believe that’s actually, regardless that that’s type of simply in largely class a largely multifamily, uh, it’s nonetheless actually type of setting the tone for what’s occurring all throughout the totally different segments of the rental market. And simply to type of give some context and put some numbers to it, we entered this 12 months with 1,000,000 models below development all through the US for multifamily models alone. You recognize, wanting again 10 years in the past, that quantity was extra like 300,000, uh, coming into 2014. Now we’ve acquired 1,000,000 models within the pipeline coming into this 12 months with not less than half of them hitting in 2024. And so I believe that’s actually been the first storyline that’s type of shaping how a whole lot of People are perceiving the rental market, each on the investor aspect and on on the render aspect.

Dave:
Thanks for offering that replace. And I believe the, the headline is absolutely fascinating ’trigger it’s been very totally different, proper? Clearly it’s totally different in each single market, however in the event you’re saying that the typical hire value is up now, what did you say, uh, 12 months over 12 months proper now?

Igor:
Nicely, so truly 12 months over 12 months we’re monitoring unfavorable, barely unfavorable hire progress. And once more, that’s as a result of all this new provide, uh, is, is hitting the market. We’ve been in unfavorable 12 months over 12 months hire progress territory for, you recognize, just a little bit over a 12 months now. Uh, we noticed in our hire index, the, the height rents had been in August of 2022. And, and we nonetheless haven’t type of crawled again to that place, however these hire declines actually concentrated in locations like Texas, Florida, um, and among the markets which might be constructing probably the most, you have a look at the leaderboard for hire progress and it’s truly dominated by a whole lot of Midwest markets, proper? <snort>, I don’t know when the final time was that the Midwest was dominating the, the US hire progress leaderboards, however locations like Cleveland and Louisville, grand Rapids, Milwaukee, uh, these aren’t type of at present large new provide markets. Uh, they usually’re truly nonetheless seeing some sturdy hire progress. So we’ve had instances the place a whole lot of the US strikes collectively, however that is definitely a time the place totally different, uh, totally different markets are seeing very totally different experiences. So I is likely to be saying, Hey, it’s just a little bit unfavorable, however somebody in Austin or Raleigh is likely to be feeling that it’s truly fairly unfavorable and, and, and mm-hmm, <affirmative> pricing energy has actually declined. And, and a few of us in Midwest northeast may truly be, be feeling a fairly sturdy hire progress market.

Dave:
Simply two fast questions. One, whenever you say unfavorable, how, how far are we off peak from August, 2022?

Igor:
Yeah, 2%. So only for context, we’re nonetheless 22% above the place we had been March, 2020, heading into the, the pandemic, however, however 2% off peak. So we basically kinda reset to a brand new stage. There’s nearly no probability that we type of revert to 2019 rents, however hire progress has evaporated. Mm-Hmm. <affirmative>. So it’s type of been like a, you recognize, type of suppose, consider a balloon that escapes the room and goes to a room with the next ceiling and bounces round there for some time.

Dave:
And is that this simply multifamily or is that this the whole lot?

Igor:
So we observe primarily multifamily single household is, you recognize, additionally not booming when it comes to rents proper now, however I believe it’s seeing stronger hire progress shouldn’t be feeling as direct strain from this new development. And the brand new development increase is absolutely concentrated in, in, in multifamily. So I believe the nearer you’re to the brand new provide that’s hitting the market, uh, simply when it comes to, you recognize, how probably renters are to have you ever of their alternative set together with a a, a brand new lease up, uh, that’s figuring out type of how a lot of an, of an impact this new provide’s having on rents and, and the way cool the market feels for for sure property.

Dave:
I’m glad you introduced that up as a result of it’s a query I’m all the time interested by is in so some ways industrial actual property and residential actual property simply act otherwise.

Igor:
Mm-Hmm. <affirmative>.

Dave:
However hire is one space the place I really feel like within the Venn diagram of CRE and residential, there’s like some overlap.

Igor:
Mm-Hmm. <affirmative>.

Dave:
And so does that multifamily provide glut influence single household dwelling rents or duplex rents, for instance?

Igor:
Sure, I believe, I believe it, it definitely does. It doesn’t have an effect on it as a lot, you recognize, the shut, once more, the nearer you’re, the nearer that substitution impact might be. However you recognize, a whole lot of renters go into their searches with out a cussed desire for multifamily single household. A whole lot of renters go into their searches saying, Hey, I don’t even know if I’ll discover a place in my funds in any respect. What’s on the market?

Dave:
Mm-Hmm. <affirmative>.

Igor:
And so a whole lot of renters are actually selecting between, it all the time comes down to love the, the choice making course of is gonna decide what’s ha what occurs within the macro stats. So you could have renters in Denver which might be considering, yeah, I’ll take a single household dwelling or a, a multifamily unit, like, let’s see what they’ve to supply, let’s see what the rents are. And so which means they do find yourself competing on value even when they’re not the closest substitutes.

Dave:
I’m hoping Igor you’ll be able to assist me clarify one thing that may be very complicated. <snort>
<snort>. So
We’re speaking a few multifamily provide gather, proper? You, you clarify the situations nicely earlier than that, through the pandemic there’s these constructive elements for constructing multifamily housing. Mm-Hmm.

Igor:
<affirmative>.

Dave:
And now we’re saying rents are slowing as a result of there’s an excessive amount of multifamily housing on the similar time each different day within the newspaper. You examine how there’s a housing scarcity in america. Are you able to assist me sq. these two seemingly contradictory information factors? <snort>?

Igor:
Yeah, completely. I imply, I believe there’s a, there’s a timeframe element after which there’s a persona or demographic element. You recognize, generally the analogy I’ll give, it is a very California analogy. ’trigger we had been going via a drought, uh, just a few whereas, just a few months. You, you’ll be able to have a interval of heavy rain, it fills up the reservoirs a bit, however on the, you recognize, the, the storm passes and also you’re nonetheless in a drought. Um, I believe that’s actually what a whole lot of these markets are, are, are feeling. And so what which means is on the margins, you’ll see rents fall, however they may not fall to the diploma that perhaps they might in a, in a extra unconstrained market that had, um, uh, extra constructing alternative or much less restriction on, on development. You may see that, uh, with the households which might be available in the market immediately, they’re feeling a whole lot of choices.
However, uh, there are a whole lot of households that aren’t being created as a result of the reasonably priced stock isn’t there. For example, one, one group I all the time kind of level to, as a result of I believe they’re so vital within the housing market, we’ve a big inhabitants of younger adults dwelling at dwelling, dwelling with their dad and mom, proper? So 17% of 25 to 34 12 months olds dwell at dwelling with their dad and mom. We final noticed that in 1940, proper? Only for context. Uh, and so you could have lots of people sitting on the sidelines of the housing market as a result of they basically both can’t afford it or wish to put their cash, cash elsewhere. They usually don’t even make it into statistics about renters as a result of they’re, they’re not renters but. They’re, they’re, they’re dwelling at dwelling. They’re not taking part available in the market, however totally different market situations can definitely draw them in. Uh, and that creates an enormous kinda alternative for a extra dynamic housing market as nicely. So I believe it’s only a query in regards to the scale that you just’re . The extra you zoom out, the extra the image appears to be like unders provided.

Dave:
That’s so useful. And I really like that analogy of a flood. Clearly nobody desires a flood, but it surely’s type of the scenario, proper? You recognize, throughout a flood you could have means an excessive amount of water. Mm-hmm. <affirmative>. However on the finish of it, you continue to won’t have sufficient water, which is actually what you’re saying is occurring. That’s an excellent technique to put it. Thanks. We’ve got to take a break, however once we’re again, I’m gonna ask Igor when he expects new multifamily provide to drive up and what which means for rents within the close to future.
We’re again with condo listing chief economist, Igor Popov. One of many issues that I actually like as an analyst and an investor about multifamily and about rents is that whenever you’re speaking in regards to the provide drawback is you by no means know what’s gonna occur within the economic system, however you type of know what’s occurring with multifamily provide. Mm-Hmm. <affirmative> as a result of individuals apply for permits and it takes years to construct multifamily. And so it’s why even in 2022, a whole lot of analysts and economists had been saying, Hey, hire progress is gonna decelerate as a result of we all know this glut of provide is approaching now. The place not less than the place I’m sitting in 2024, I’m nearly considering the alternative’s gonna occur. You recognize, beginning when in 2022 and charges went up, constructing situations fully modified, and now the pipeline for brand spanking new provide appears fully dry. To butcher our analogy even additional, we’re going right into a drought once more when it comes to new provide, to begin with, is that the way you see it as nicely?

Igor:
Sure. That’s, that’s how I see it. And I believe the questions are round when it should come and the way lengthy it’ll final. Um, I believe it’s a, it’s a when and never an if as a result of you recognize, we’re, we’re dwelling via an enormous provide wave proper now, and there’s not one other one approaching the heels of it. And we’re seeing that in multifamily permits coming down, completions outpacing permits by a really sturdy charge. There’s some disagreement about this, however I believe my, my view is that 2025 will nonetheless really feel so much like 2024 when it comes to ample provide coming on-line. Once we get into 2026, it’s fairly clear that the models which may make {that a} provide wealthy 12 months, they’re simply not breaking floor on the similar charge. Mm-hmm. <affirmative>, um, that, that, that would wish. Now the rate of interest dynamics are gonna decide how lengthy that’s going to final or charge’s gonna come down sufficient to the place there’s truly gonna be type of a, a wholesome pipeline coming in after that. However, um, that, that is still to be, to be seen.

Dave:
Yeah. It’s, it’s fascinating to, to kind of take into consideration as a result of whilst you can see it coming, it’s onerous to kind of stability all the various variables, clearly single household provide, demand, rates of interest, the labor market, it’s, it’s complicated. So regardless that you see this, uh, dearth of development occurring, the implications aren’t tremendous clear. However Igor, I’m curious, I’m gonna put you on the spot. Do you could have a forecast or any ideas on how hire progress will play out within the subsequent few years?

Igor:
I believe subsequent 12 months will nonetheless be very sluggish 12 months for hire progress. Primarily. I believe the, this actually wholesome provide pipeline, it’s not gonna be all launched this 12 months. So I believe you’re nonetheless gonna see a whole lot of new lease ups hitting the market, particularly within the Sunbelt, uh, locations like Austin, Colorado Springs, uh, and the mountain west, uh, the Florida markets. Um, and you recognize, once more, demand is tougher to foretell, however I believe that, you recognize, with charges coming down, I believe that’ll give some, some enhance. So demand has been actually wholesome, however I, I don’t suppose it’ll be so dramatic that it’ll actually overpower, uh, the kind of tug of warfare with, with, with provide. After which I believe issues will actually begin to decide again up from a hire progress perspective, perhaps within the late 2025, however definitely in, in, in 2026 now. We’ll see what occurs. I, you recognize, these previous few years have been, uh, nice for researchers, dangerous for forecasters

Dave:
<snort>, yeah. One shock after one other.

Igor:
Yeah, precisely. One shock after one other. And it’s, you recognize, who’s the least unsuitable? However I do suppose that from what I’m seeing, the seesaw between provide and demand continues to be going to be, you recognize, comparatively balanced, however nonetheless geared in the direction of provide subsequent 12 months and definitely via the top of this 12 months. As a result of I, I, I believe that we’re the, the housing market can also be so seasonal that I believe when you, when you type of miss the go round of summer time shifting season, it’s onerous to generate a whole lot of warmth. Um, and the market, I believe coming into the cool months, of us that haven’t stuffed vacancies, property administration firms that wish to kind of get larger occupancy earlier than the vacations are gonna be reducing rents. Um, after which the query is absolutely gonna be round how sturdy can demand be to type of counteract the availability that’s nonetheless being launched from the pipeline come spring, summer time shifting season of 2025.

Dave:
Thanks for baking a daring prediction. I ask everybody on the present to make a prediction. Not everyone seems to be keen to do it. <snort>, whenever you say resuming hire progress in 2025, do you assume, nicely, like, you recognize, this elusive concept of a traditional market, like might we perhaps simply see three to five% hire progress, such as you kind of we’re coming to count on within the, within the 20 tons not less than?

Igor:
I believe, I believe so. I believe we’re kind of oscillating a a round that. I believe we’ll get again to that sooner or later. <snort>, um, uh, we’re not gonna be simply, uh, uh, seesaw between excessive hire progress or declines for a very long time, however that’s the place I have to be sincere and say, I’ve made that prediction earlier than and it’s taken longer than I believe many people thought to kind of get again to one thing that feels extra like a, a clip at which rents are rising in keeping with different costs and output within the economic system. Proper. Which is absolutely type of what, what I believe regular would appear to be.

Dave:
Superior. Nice. Nicely, Igor, thanks a lot for becoming a member of us immediately. This has been an excellent, uh, useful context and lesson on crimson progress within the economic system. Is there the rest, uh, that you just’ve been engaged on a division listing, you or your staff that you just suppose our viewers of actual property traders ought to know?

Igor:
Oh, nicely, I imply, we’ve a ton of, uh, you recognize, instruments, information for obtain. Um, and, and so yeah, in the event you go to the condo listing analysis weblog, simply condo listing.com/analysis, I’ll put in a plug. Uh, a number of, uh, you’ll be able to observe our newest, newest stories and, and likewise information releases there. So

Dave:
Igor, this has been an enormous assist. Thanks once more for becoming a member of us immediately.

Igor:
Thanks a lot. I had a whole lot of enjoyable. Thanks Dave.

Dave:
After all. And thanks all a lot for listening. I’m Dave Meyer for BiggerPockets and we’ll see you quickly for an additional episode of the BiggerPockets podcast.