Data is showing rents have been falling or staying flat since late summer 2022, and part of the reason is that nearly half a million new units are coming to market. Only 52 percent of tenants renewed leases in January—the lowest number for that month since 2018—suggesting renters are shopping around for a better deal. Nevertheless, rents generally are still up 20 percent or more from where they were pre-pandemic.
https://www.wsj.com/articles/apartment-rents-fall-as-crush-of-new-supply-hits-market-2403c6ea
