Rent price increases are getting smaller, but they are expected to be above normal levels well into 2023.
Similarly, an upcoming Moody's Analytics forecast predicts a rent growth rate of 5% to 7% during that same time, says Thomas LaSalvia, a director of economic research at the financial analytics firm. Before the Covid pandemic, annualized rent price gains were about 4% to 5%, he says.
Fortunately for renters, Moody's expects price growth to taper off in the second half of 2023, provided that home financing costs decline.
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