The Daily Valet. - 7/7/22, Thursday

✔️ Rents Are Still Surging

July 07, 2022

Thursday, July 7th Edition

Cory Ohlendorf, Editor in Chief of Valet.

Call me a brute, but I still prefer a regular can to the tall, slim ones.

Cory Ohlendorf , Editor ⋯ @coryohlendorf

Today’s Big Story

Rents Are Still Surging

But the price spikes may be coming to an end soon

Rent prices have soared over the last year, and while they’re still surging in many markets, experts believe the spike may be losing its edge.

With home prices and mortgage rates this high, many prospective homeowners are choosing to rent longer, opting to wait it out until prices normalize. But that housing-supply shortage is keeping a lot of rents high. In May, the national median monthly asking rent even surpassed $2,000 for the first time ever.

Over the first half of this year, rents have increased by 5.4% nationwide, according to a report by Apartment List. While that’s actually a slower rise than the jump in rents over the same period last year, big cities are still seeing some absurd swings in rental prices.

RentCafe.com ranked America’s hottest rental markets on how competitive they are based on several key metrics—from occupancy rates and the number of days apartments stay vacant to lease renewal rates.

Some key takeaways? On average, there were about 14 renters fighting for every one apartment in some of the biggest rental markets. Most apartments were vacant just a few days more than a month until they were rented. And most renters renewed their leases during the first half of the year while 95.5% of the rental market was occupied.

But, with the recent rise in mortgage rates and an increase in sale inventory, home buyers may be gaining leverage on sellers. According to Zumper, it may be “a signal that some consumers who’d put off buying a home are finally making the jump as housing prices begin to level off.” And as rental inventory opens up, prices are sure to start falling.

↦ FYI: These are the 5 most expensive cities in the U.S. and Canada—and Los Angeles isn’t one of them.

The Fed Continues Battling Inflation

They’ll likely approve another 0.50% or 0.75% rate hike at the coming July meeting

The Federal Reserve, determined to choke off rapid inflation before it becomes a permanent feature of the American economy, concluded that they may need to push interest rates higher than already planned in order to manage that risk.

Economic data suggests that the United States could be headed for a rough road. According to the New York Times, consumer confidence has plummeted, the economy could post two straight quarters of negative growth, new factory orders have sagged and oil and gas commodity prices have dipped sharply lower this week as investors fear an impending downturn.

In raising benchmark borrowing rates by three-quarters of a percentage point, central bankers said the move was necessary to control cost-of-living increases running at their highest levels since 1981.

The central bank will announce its next rate decision on July 27, and several key data points are set for release between now and then, including the latest jobs numbers for June and updated Consumer Price Index inflation figures—so the size of the move is not set in stone. But assuming the economy remains strong, inflation remains high and glimmers of moderation remain far from conclusive, a big rate move may well be in store.

↦ FYI: In a turbulent economy, NPR offers up how to weather the inflation storm.

Love Drugs Are Coming

They could soon be a reality and used alongside therapy to help relationships

Relationships are hard. They take work, some require the expertise of a trained therapist and in the near future, maybe a little pharmaceutical help as well.

Yes, after much experimentation and theories, the love drugs are coming. Of course, these aren't the potions from movies that would make a hottie who ignores you suddenly become infatuated with you. These are drugs that boost amorous hormones like dopamine and serotonin, which could help relationships that are on the rocks.

According to Dazed, an Oxford University academic says that they could be readily available in the next “three to five years.” She believes that harnessing these hormones could be used to enhance our loving abilities. The next step is just some pesky regulatory clearance.

In the meantime, some couples on the brink of divorce are taking an illegal psychedelic drug (MDMA) as a last resort. But in most cases, it ended up being the only thing that worked. So it sounds like sometimes, your brain chemistry can provide the jumpstart your heart needs.

↦ Meanwhile: Love spells are suddenly hugely popular on TikTok. Videos about manifesting love are getting billions of views.

What’s Up With All the Slim Cans?

Marketers say they evoke “sophistication”

Have you noticed them yet? Because once you do, you'll start realizing they're everywhere now. Tall, slim cans are replacing the barrel-shaped 12-ounce aluminum cans that have been ubiquitous for four decades.

People were particularly fizzed last month when San Pellegrino updated their iconic cans. The company traded the intricate design for something more streamlined, stretched out the can and ditched those lovable foil tops.

Once used primarily for energy drinks, these new skinny cans are meant to stand out on crowded store shelves and, according to what marketers told the Wall Street Journal, suggest attributes such as quality, sophistication and healthfulness. They're more popular with younger shoppers too.

Another upside for brands (and stores) is that the leaner cans are better for business. Not only do they appeal to more people but they take up less space than traditional cans—in a truck or container when shipping and on store shelves. Which means you can get more in and more sold. So I guess we'll be seeing more, not less, of these cans.

↦ FYI: A tall slim can is about 6.125 inches tall, compared to the standard can at 4.83 inches, but both hold the same 12 ounces of liquid.

In Other News

↦ Will Queen Elizabeth Fire Britain’s Prime Minister Boris Johnson Amid Revolt?

↦ U.S. Allows Pharmacists to Prescribe Pfizer’s COVID-19 Pill

↦ Why Are CEOs Leaving Their Jobs in Droves?

Other Things We’re Talking About Today

College football

Remember BluBlockers?

The thirst for merch

Endorsing: The Summer Nap

Taking a midday break will do you good

As adults, we no longer get three months off for a summer break, but there's something about this time of year that just begs you to take things easy.

And what's easier than a midday nap? You know the drill: you've been reading in the backyard or laying by the pool—maybe you've just come in from the heat and plopped down in your favorite chair. Your body is relaxed. Your eyelids are heavy and you slip into a blissful state of sleep because, well, it's summer and you can.

I, for one, miss my early pandemic-era naps that I used to take. So I'm reclaiming my napping privileges this summer. What's more, they're actually good for you. And we spoke with some experts to prove it.

Whatever you do, don't sweat the lack of productivity. Because in the end, your body's better of for getting the extra sleep. And the unplanned, easygoing nature of a nap is the ultimate summer luxury. The kind that doesn't cost you a thing.

↦ Read: Why you should embrace naps this summer.

What We’re Eyeing

Bring some of the outdoors inside. This good looking grained wooden bowl comes with its own individual markings and knots to make a statement in your entryway or on your coffee table. Hand-carved from repurposed teak root, the bowl is sculpted into a low, wide shape for a display that's naturally one of a kind.

↦ Get It: $69.95 by CB2