Phoenix

A staggering 22.6M renters are now cost-burdened (spending over 30% of income on housing), with 12.1M severely burdened (spending more than 50%).

Trepp flagged 279 distressed office loans totaling $9.02B, all tied to properties with 60% or lower occupancy.

The build-to-rent market is holding strong, with over 64,000 units currently under construction. Phoenix leads the charge, backed by continued momentum across the Sun Belt.

The build-to-rent market is holding strong, with over 64,000 units currently under construction. Phoenix leads the charge, backed by continued momentum across the Sun Belt.

Debt pressures and lender exits are stacking up fast, with the commercial real estate market bracing for more pain.

CRE debt rose $46.8B in Q125, hitting a new high of $4.81T, says MBA.