Apartment demand may be normalizing, but rents are nonetheless expected to continue to climb in 2022. 

New research from the National Association of Realtors notes that "even if net absorption is normalizing, absorption (demand) is still outpacing deliveries (supply) across all classes of apartments," and higher mortgage rates and continued price acceleration this year will also push up rates.

Vacancy is tight for the sector, especially for Class B and C units, according to NAR economist Scholastica Gay Cororaton. 

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