Rental income increased nationwide in Q3 2022 due to the increases in asking rental rates even though physical occupancy decreased. Notably, rent per available square foot increased in Q3 both nationwide and for REITs. REITs have had a very strong performance this year, which positions them well going into Q4.
Supply and demand metrics appear to be growing this quarter, as well as compared to all of last year. Construction starts increased 25% from last quarter and increased 27% as of Q3 2021. According to F.W. Dodge, there have been 533 new starts the last four quarters (new starts includes new construction and alterations, additions, or renovations).
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