Rents Falling Faster than "Seasonality Alone"

Expect YoY Rents to Slow Further in Coming Months

The rental market is changing rapidly.

First, here are a few excerpts on rents from Fed Chair Jerome Powell’s speech yesterday:

Housing services inflation measures the rise in the price of all rents and the rise in the rental-equivalent cost of owner-occupied housing. Unlike goods inflation, housing services inflation has continued to rise and now stands…