Mid-America Apartment management said the REIT expects to end 2022 charging an average effective rent per unit that's 12.75% to 13.75% higher than it was a year earlier -- an inflation-beating growth rate. That would require the big commercial banks to take provisions for credit losses, and eventually record write-offs, which would negatively impact their earnings. The REIT gets 94% of its total rent from tenants in sectors that are resilient in the face of economic downturns and relatively isolated from the pressures of e-commerce -- businesses like grocery stores, pharmacies, automotive service centers, and warehouses.