Airlines have been growing fast, but because BoeingBA

and AirbusEADSY

have been breaking things, there are limits to that growth — and not enough planes to go around. Aircraft shortages — a product of delays created by safety issues, layoffs, and groundings — are creating headaches for airlines that were relying on new jets to drive growth. And with the woes unlikely to ease until the 2030s, airlines are being forced to work with aircraft lessors.

• According to FT, aircraft lessors — like Air Lease, SMBC Aviation Capital, and Orix Aviation — own and manage 50%+ of the world’s fleet.
• FT notes that robust demand for leased aircraft, and the shortage, have sent lease rates on planes owned by these companies up 10-20% from 2019 levels,

Watch this (air) space: One publicly traded aircraft leasing firm, AerCapAER

, rose 29% last year, besting the market thanks to 3% revenue growth. But with many airlines retiring older aircraft — Spirit just retired its A319 fleet, and American, its CRJ-200 fleet — demand for lessors could continue to rise if aviation giants don’t deliver planes on schedule. And the cost of leasing aircraft could balloon with it, much to the detriment of low-cost fares and frequent flyers.