"Rents are falling, but it feels more like they're just returning to normal, which is healthy to some degree," Redfin real estate agent Dan Close said in a statement, pointing to when rents soared in the wake of the COVID-19 crisis."Rents ballooned during the pandemic, and are now returning to earth."
The trend is backed by earlier data from Moody's, which found that rents this year for multifamily units haveIn the previous two years, rents surged because incomes grew and millennials started families, Redfin explained. But household formation is slowing as economic uncertainty causes more people to stay put rather than move, it added.
The decline in rent comes amid a precarious time for the US housing market in general, with home prices also starting to cool off from their pandemic highs.
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