Rents Drop for First Time in Two Years After Climbing to Records
close-up of a rental sign in front an apartment building
More new apartment construction and weaker consumer sentiment — perhaps even an
increase in people rooming with others — is thought to be behind a slight decrease in
rents from record highs. Prices fell 0.1 percent nationally from July, the first drop since
December 2020, and 0.4 percent in Phoenix.
