Expect to see rental yields come down significantly in 2023.

Perhaps surprisingly, there's a record number of total housing units under construction in the US.

1.7 million homes under construction in the US.

Nearly all of them are scheduled for delivery in 2023, which is going to add a lot of supply to an already declining sales and rental market.

Single-family homes will be delivered first, and starts there have been declining for the last ten months already. But multi-family starts have only just turned negative month on month.

Expect to see rental yields come down significantly in 2023.