Rents are starting to come down, but the trend may not hold

NEW YORK (AP) – Rents are starting to come down after spiking to record levels this past summer, but experts are uncertain if the slowdown will continue.

Christopher Mayer is a professor of real estate at Columbia Business School.

He says people looking for an apartment now might have a better experience than they did in May or June.

The national median asking rent was up 14% in July over July the previous year.

That’s the smallest annual increase since November 2021.

Experts say the market could slow further toward the end of the year, but there’s still a lot of uncertainty.

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9/6/2022 3:49:00 PM (GMT -5:00)