Year-over-year Rent Growth Continues to Decelerate

Asking Rents Likely to be Down year-over-year in June or July

Tracking rents is important for understanding the dynamics of the housing market. For example, the sharp increase in rents helped me deduce that there was a surge in household formation in 2021 (See from September 2021: Household Formation Drives Housing Demand). This has been confirmed (mostly due to work-from-home), and also led to the supposition tha…