The title is about asking rents, not average rents. In a perfectly liquid market these are the same, but shelter is far from liquid. Many renters have been rent

The title is about asking rents, not average rents. In a perfectly liquid market these are the same, but shelter is far from liquid. Many renters have been renting for years and are paying less than today's asking prices; if they had to move, they'd still be facing a rent hike. This means that while the pressure on housing may be decreasing somewhat, shelter inflation is still a big thing (growing at a 3.6% annualized rate as of April, and outpacing broader inflation significantly).