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  "documentTitle": "Independence Realty Trust | Investor Presentation Deck | 45 slides",
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  "presentationDate": "2023-11-01 00:00:00",
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      "text": "Completions (Units) and Vacancy Rate (%) (2005-2024)",
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      "text": "Units Completed (1981-2021) and Homeownership Rate (1981-2021)",
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      "text": "The national Class B vacancy rate remains resilient to supply and demand shocks with 2023 projected spreads in vacancy rates between Class A & B, with Class B at 7.0% and Class A at 10.2%\nThe majority of new supply remains concentrated in gateway markets, and competes with existing Class A communities for renters by choice compared to renters by necessity in Class B communities",
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      "text": "Growth in households increases the pool of renters, even more so during periods of reduced homeownership\nThe homeownership rate was 66.0% in Q3 2023 down from an uptick in Q3 2020 to 67.7% and the 69.2% in Q4 2004 (the peak)\nHomeownership affordability remains challenging for many households, especially first-time buyers. Lack of for-sale housing inventory, and rising mortgage rates continue to make homeownership unattainable or unattractive to many households.",
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      "text": "Homeownership Data Source: U.S Census Bureau as of Q3 2023.\nNew Completions (Supply) Data Source: CoStar Q3 2023 Data Release.",
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