Per the article: > Now, many of those same places that shot up in price are seeing slides in demand and rents are going down. Between April and October of 2022

Per the article: > Now, many of those same places that shot up in price are seeing slides in demand and rents are going down. Between April and October of 2022, rents fell 3% in Las Vegas, 2% in Phoenix and 1% in Tampa, according to Apartment List. All three of those cities saw rents rise more than 30% during the preceding two years. > nearly half a million new apartment units—the most of any year since 1986—are expected to complete construction by the end of 2023. That will come after more than 400,000 units were completed during 2022...The coming increase in new apartments is most likely to affect rents at higher-end buildings, because there might not be enough people who make enough money to rent them, according to CoStar. > many housing economists don’t think job and wage growth will be strong enough to sustain much in the way of rent increases [in 2022] tl;dr Prices are going down in many of the hottest markets in the country. Vacancies are starting to happen and are expected to increase, particularly in higher-end apartments going into 2023.