Damn, It Feels Good To Be A Landlord

An interesting note from the just-released personal income and spending report.

Rental income of persons increased $3.5 billion in February, compared with an increase of $3.2 billion in January.

In case you hadn’t heard, rent prices have been soaring, and it’s showing up in total rental income for the economy.

Have you seen this chart?

chart

Photo: FRED

For a little more context, here’s a look at rental income compared to GDP, which is at multi-decade highs.

chart

And of course, the surge in rental income helps explain this: Multi-family apartment construction is the hottest thing in town.

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