In September, rentals in the U.S. remained vacant for 27 days on average, up from 23 days in the same month of 2021. This is producing smaller rate adjustments for new tenants. Rent increases for units leased out to new occupiers dropped from a 2022 peak of 19.1 percent in May to 11.3 percent in September. Meanwhile, rates for tenants renewing their leases have climbed throughout this year, as rents are realigned to the market, following significant upward movement over the past 18 months.
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