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If things were more efficient, rents would probably drop.
Meanwhile, retail, industrial, and hotel properties posted gains.
Over half still spend more than 30% of their income on rent.
California endured the nation's highest level of foreclosures in September.
The rate of foreclosure filings fell despite sharp increases in some states.
Cities with a high number of owner-occupied homes with a mortgage may be most affected by rates.
A new analysis by Cresa examines the performance of industrial landlords and tenants across 100 markets.
While the industrial vacancy rate climbed in Q3, it's below the 10-year pre-pandemic average.
As a result, average annual rent growth was 4.2%.
The level of competitiveness between market-rate and fully affordable properties varies greatly by locale.