Apartment rent growth in the United States is declining fast, after years of soaring prices.
The decline in rents are giving many millions tenants relief for the first time since the early months of the pandemic, partially due to the increasing amount of apartments on the market. Rental prices may start to ease more this year, as fewer people move due to economic uncertainty, persistently high rental prices, and rising inflation.
Early last year, renters faced an increase in rent nationwide by an average of 25 percent since the second half of 2020. By the second half of 2022, the high rental prices eventually weakened demand, as many potential renters were pushed out of the market….