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Below is a chart and brief excerpt from today's Early Look written by Director of Research Daryl Jones. 

While there is no perfect data series for looking at where the shelter component of CPI will go prospectively, we probably have to look no further than home prices, which in April based on Case-Schiller came in at +14.3% and, also, rent paid by consumers. 

On this front my colleague Rob Simone, who leads our coverage of the REIT sector, put together the Chart of the Day, which shows transacted rents for multifamily units up +8.4% in June with easy comparison into Q1 2022. 

Higher for longer inflation remains the high probability bet if you are in Vegas!

 CHART OF THE DAY: National Multifamily Median Rents - Transacted Prices - 7 6 2021 8 30 29 AM