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Apartment leaders are watching Treasury rates, though the central bank’s increase will “keep the current malaise slogging along,” said Eastham Capital’s Matthew Rosenthal.

For the first time in more than three years, the Federal Open Market Committee raised interest rates, following its two-day September meeting on Wednesday.

In a unanimous vote, the FOMC raised the target range for the federal funds rate by 25 basis points to 3.75% to 4%. 

“This summer’s inflation readings do not tell me that underlying trends have meaningfully improved,” Kevin Warsh, chair of the Federal Reserve, said in a press conference following the announcement.

Despite persistent concern about inflation and the rate hike, multifamily executives thought the near-term impact on the market would be limited, as they kept their focus on Treasury rates.