Steady apartment rent growth and continued investor interest in multifamily properties have led to optimistic assessments of the market, even though this year's rent growth is not expected to return to 2021 levels. Discussions of the housing market as a whole are, even in this reduced-sales-volume, higher-interest-rate environment, consistently marked by the mention of our low housing supply. Lumber prices may be down quite a bit from their peak, but the high prices of other materials, in addition to labor shortages and logistical delays, remain a significant barrier to bringing new housing supply online quickly.

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