VPN - Rents Roar As Hiring Rebounds

• U.S. equity markets were mixed this past week as better-than-expected housing market data and "Goldilocks" employment data were offset by ongoing COVID concerns abroad over the "Delta" variant.
• Setting fresh record highs on seven straight days - the longest streak since 1997 - the S&P 500 gained 1.7% on the week, but Mid-Caps declined 0.5% and Small-Caps dipped 1.4%.
• Real estate equities were mixed as COVID-sensitive property sectors - hotels, retail, and office - were under pressure while "essential" sectors - housing and technology - led to the upside.
• The accelerated pace of hiring comes as additional states have phased out supplemental pandemic-related unemployment benefits which - in some cases - resulted in higher pay than the employment alternative.
• Apartment rents are soaring at the fastest levels on record according to fresh data this week as residential rents invariably "catch up" with the recent surge in home values across the country.

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