Missouri, Texas, Wyoming, and Colorado accounted for an outsized share of September's national increase as filings hit a record high.

A smaller construction pipeline has yet to lift advertised rates as properties take longer to fill and operators compete for tenants.

High development costs and flat asking rents are squeezing project feasibility, setting the stage for a further contraction in the construction pipeline.

Texas leads, with falling rents and available inventory strengthening tenants' negotiating position.

Starting rents for the most expensive premium space rose 33% from pre-pandemic levels, compared with 14% at the segment's median.

Apartment permits and completions rose in August, even as housing starts fell across single-family and multifamily construction.

Rising property values give industrial and data center projects more room to absorb increases, while other developments may face tighter margins.

Higher development costs could keep competing supply in check, giving existing properties more time to fill vacancies and raise rents.