- Property performance metrics strengthened during the third quarter, as the vacancy rate improved, and asking rents trended higher. The improving operational performance is being fueled by continued health in the local labor market.
- Vacancy fell to start the second half of the year, dipping 10 basis points in the last three months to 5.1 percent. Year over year, local vacancy dropped 40 basis points.
- Rent growth accelerated in the third quarter; asking rents advanced 2.3 percent in the period, reaching $1,139 per month. Year over year, rents are up 8.4 percent.
- Sales velocity during the third quarter closely tracked levels posted in the previous period. The median sales price is $197,200 per unit to this point in the year, up considerably from 2021. Cap rates averaged 4 percent in the last three months.