2022 ended with a giant thud for rent growth.  As can be seen in the charts below, vacancy rates were up and rent growth was negative by more than it has been in a long time.  As 2023 began, the picture appeared slightly rosier for the asset class.  Vacancy rates continue to head higher, but a resilient renter has meant 2 months of positive rent growth.  This is far from intuitive given recent layoff headlines.