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 2022 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.