"Now — with a turbulent, unpredictable economy causing fear of recession, migrations are slowing, occupancy rates are falling and rent prices are following suit." Data from real estate database RealPage shows that in the third quarter of the year — a typically robust leasing period — rental demand turned "moderately negative" as leasing traffic plummeted. "The faster those things show up in consumer price inflation, the faster the inflation steps down, the sooner the Fed will back off." According to Zumper, more than half of the 100 US cities measured in its monthly national rent report posted month-over-month price declines in October. Lawler's analysis, as well as the recent rental market data, both suggest things are trending in the right direction.

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