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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