> Rents have gradually come down from July 2022’s peak of $1,777, but they remain nearly 25% higher than in 2019. Rents were sky-high in 2019, and they continu

> Rents have gradually come down from July 2022’s peak of $1,777, but they remain nearly 25% higher than in 2019. Rents were sky-high in 2019, and they continue to outpace inflation. > The largest year-over-year declines are in Las Vegas (-6%); the Riverside and San Bernardino area in California (-5.9%); and Phoenix (-5.7%). The phenomenon appears to be regional. North-East regional rents are soaring. Atlanta and Austin are also going up. > Hale said, noting the historic levels of multifamily construction activity currently underway. Are houses being built where rents are high ? There is not enough clarity on this.