ESS - Rents Are Surging Again

• U.S. equity markets rallied this past week as long-term inflation expectations eased following a lukewarm slate of economic data and as massive new government spending programs face diminishing public support.
• Snapping a two-week skid, the S&P 500 rallied 1.2% on the week. Bitcoin slid as the "crypto crackdown" continued with the digital token facing amplify scrutiny from the SEC.
• Real estate equities - particularly residential REITs and homebuilders - led the gains this week as the Equity REIT Index gained 2.0% with 18-of-19 property sectors in positive territory.
• Driven by an intensifying housing shortage as robust demand clashes with historically low supply, data this week showed that home values and rents are both rising at historic rates.
• Luxury homebuilder Toll Brothers jumped nearly 9% on the week after reporting stellar earnings results with order growth surging 85%. Elsewhere, three more equity REITs boosted their dividends.

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