The apartment market is about to get ugly

For most of the past year, investment risk in the housing market has been focused on the for-sale segment. That was largely because the huge [Bloomberg]( Follow Us [Get the newsletter]( [Rental Housing Is Suddenly Headed Toward a Hard Landing]( — Conor Sen For most of the past year, investment risk in the housing market has been focused on the for-sale segment. That was largely because the huge run-up in home prices during the pandemic led to a mentality of “what goes up must come down,” coupled with long memories of the housing bust in the late 2000s. But the data we’ve gotten over the past several months suggest that it's the rental part of the housing market that's setting up for a hard landing. Photographer: Spencer Platt/Getty Images Declining rents in 2023 should be the base case at this point, with the only question now being: How far they will drop? And while tenants will cheer this possibility, the worry is that it will destroy the pipeline of new supply for years to come. [Read the whole thing](. [The Document That Separates Biden and Trump]( — Jonathan Bernstein [JPMorgan Says Frank Was Fraud]( — Matt Levine [Musk Poured Rocket Fuel on Tesla’s Stock Crash]( — Liam Denning [Crypto’s Hotel California Traps the Winklevoss Twins]( — Lionel Laurent [China’s Got the Dysprosium. That’s a Problem.]( — Andreas Kluth [George Santos Doesn’t Deserve to Be Kicked Out of Congress]( — Matthew Yglesias [Big Lesson of the Ukraine War: There’s Only One Superpower]( — Hal Brands [Twitter Jumped the Shark. Now It Looks Like MySpace]( — Tim Culpan [First the US, Then Brazil. Where Next?]( — Eduardo Porter New Podcast Alert Crash Course is a podcast about business, political and social disruption — and what we can learn from it. Hosted by Tim O’Brien, Bloomberg Opinion’s senior executive editor. Listen on [Apple]( and [Spotify](. Here’s what else we’ve been listening to this week. - [CPI Report: Breaking Down The Latest Inflation Data]( with Karl Smith and Jonathan Levin - [Is This the End of Skiing As We Know It?]( with Andreas Kluth and Therese Raphael - [Is China the Biggest Trade of 2023?]( with Shuli Ren, Daniel Moss and Ruth Pollard This is the Weekend Edition of Bloomberg Opinion Today, a roundup of the most popular stories Bloomberg Opinion published this week based on web readership. Like getting this newsletter? [Subscribe to Bloomberg.com]( for unlimited access to trusted, data-driven journalism and subscriber-only insights. Before it’s here, it’s on the Bloomberg Terminal. Find out more about how the Terminal delivers information and analysis that financial professionals can’t find anywhere else. [Learn more](. You received this message because you are subscribed to Bloomberg's Opinion Today newsletter. [Unsubscribe]( | [Bloomberg.com]( | [Contact Us]( [Ads Powered By Liveintent]( | [Ad Choices]( Bloomberg L.P. 731 Lexington, New York, NY, 10022