Rents drop for first time in two years after climbing to records

Be careful to not over-read the numbers; for a full analysis you need to compare same-room rental prices over time, because the average can be distorted by properties coming or leaving the market (for example, the expensive rental places could dry up fast because expensive renters are deciding to buy now, which causes the average to drop even as the median rent continues to slowly rise).

However, once it cools off it's likely to stay cool for awhile, especially if rooms start going empty for periods of time.

There is a sign through some of the lagging indicators that economy is “cooling off” and the anticipation of recession being spearheaded by the Fed is actually working. The container stat shows also a record slowdown along with a drop in spot rate. Would be interesting to see if the Fed takes them into account or keep pressing the brakes as if they are in a panic mode and not willing to be clueless.

why am I so poor