Rental costs show slight uptick
Asking rents rose 0.9% nationwide during the second quarter of 2025, when compared to the second quarter of 2024, data from Apartments.com released Monday shows.
The national rent per unit was $1,773, up from $1,757 in 2024. The U.S. is expected to add 485,000 rental units in 2025, 30% fewer than the number delivered in 2024.
Among the nation's top 50 major cities, San Francisco registered the highest price jump: 5.1%. Chicago at 3.8%, San Jose, California, at 3%, along with Cincinnati and Norfolk, Virginia, both at 2.8%, also saw noteworthy increases, according to Apartments.com.
In contrast, rents fell in 15 cities, including Austin (-4.3%), Denver (-3.3%), and Phoenix (-2.6%). All but one of those 15 cities were in the Sun Belt.
Job cuts reach highest tally since pandemic
U.S. companies have cut 744,308 jobs so far this year, marking the highest reductions since 2020, according to a report from consulting firm Challenger, Gray & Christmas, which tracked the losses from January to June.
“The bulk of companies cited economic conditions last month," Andrew Challenger, the firm's senior vice president, said in a statement. "We saw some DOGE activity and have tracked over 2,000 jobs directly attributed to tariffs this year, but for the most part, it was a quiet June.”
The pandemic rocked the nation's job market, causing 1.58 million cuts in 2020, according to the tally.
Microsoft, Procter & Gamble and UPS have announced some of the biggest layoffs so far this year.
Keep an eye on mortgage defaults as student loan payments return
Student loan borrowers have had a five-year hiatus on their monthly bill, but those payments and collections returned in May — a fact that "may put additional financial strain on some homeowners," ICE Mortgage Technology, an end-to-end mortgage platform, said Monday.
Nearly 20% of U.S. mortgage holders also have student loan debt, the mortgage monitoring company said in its July market report. Borrowers who fall behind on their student loan payments are four times more likely to be delinquent on their home loans, too, the company said.
The kind of mortgage they took out can also play a role.
More than 8% of borrowers so far this year financed their house using either an adjustable-rate mortgage, or ARM, or through temporary buydowns, the report said. That method reduces a homeowner's monthly bill for the first few years of the loan, but ARMs "may introduce future payment shock, particularly if interest rates remain elevated or reset higher."
“We’re seeing early signs of risk building within specific markets and within specific borrower populations, like borrowers with limited equity or who are behind on student loans," Tim Bowler, company president, said in a statement.
White House sends tariff notices to Japan and South Korea
The White House sent tariff letters to several nations on Monday, including notices to Japan and South Korea announcing that 25% levies on imports would be imposed.
"I am pleased to announce that the United States tariff letters, and/or deals with various countries from around the world will be delivered starting 12:00 p.m. (Eastern), Monday, July 7th," President Trump said in a social media post Sunday. "Thank you for your attention to this matter!"
As of Monday afternoon, Trump had sent tariff letters to Japan, Kazakhstan, Laos, Malaysia, Myanmar, South Africa and South Korea.
In his letter to Japan, Trump told Prime Minister Shigeru Ishiba there's one way the nation can avoid U.S. tariffs.
"There will be no tariff if Japan, or companies within your country, decide to build or manufacture product within the United States and, in fact, we will do everything possible to get approvals quickly, professionally, and routinely," Trump said. "In other words, in a matter of weeks."
How tariffs could affect U.S. companies, and the overall economy has been a major question mark hanging over the nation's housing market. Homebuilders have said they are concerned about the impact tariffs can have on the cost of building materials and access to supplies.