There has been an encouraging uptick in the number of consumers signing property lease agreements with the result that national vacancies have dropped from 7.12% in the second quarter of 2022, to 6.92% in the third quarter, the lowest rate in four years. Since 2021, the average vacancy rate has reduced by almost 40%. This, however, needs to be balanced against a high base due to the pandemic. When comparing the average vacancy rate change between 2016 to the third quarter of 2022, vacancies have increased by 7.5%.