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?
For a little more context, here’s a look at rental income compared to GDP, which is at multi-decade highs.
And of course, the surge in rental income helps explain this: Multi-family apartment construction is the hottest thing in town.