EXHIBIT 23









                Independent Auditors' Consent


The Board of Directors
Monmouth Real Estate Investment Corporation:


We consent to the incorporation by  reference in the
Registration Statement on Form  S-8 of Monmouth Real Estate
Investment Corporation of our report dated December  18,
2002, relating to the balance sheets of Monmouth Real Estate
Investment Corporation as of September 30, 2002 and 2001 and
the related statements of income, shareholders' equity, and
cash flows for each of the years in the three-year period
ended September 30, 2002, and the related schedule, which
report appears in the September 30, 2002 Annual Report on
Form 10-K of Monmouth Real Estate Investment Corporation.



                         /s/ KPMG LLP
                         KPMG LLP


Short Hills, New Jersey
December 23, 2002