The Slowdown in the Multifamily Real Estate Market

Interest rates are extremely problematic. That mortgage payment that you talked about going from an average of 1314 to 2900 per month, that is amplified dramatically in commercial real estate. So this market is at a standstill right now where there's a huge bid-ask spread and transaction volume has essentially collapsed in this world. We have the most new construction units ever coming online for housing stock when you combine multifamily properties and single-family properties. I think that's going to put pressure on rents. By the way, this is going to hit the south and the west hardest because the data is really good.