Steep rent increases during the pandemic made multifamily an attractive short game, but now, due to slow rent growth and rising interest rates, it’s time to remember the sector is truly a long game. While 23 out of 30 top metros had negative rent growth over the past three months, it’s not historically unusual for rents to be flat early in the year and rise in the spring as demand blooms. Also, asking rent growth year-over-year is up in most markets, although not Phoenix (down 1.2 percent) or Las Vegas (down 1.6 percent). But places like Indianapolis, Kansas City, New York and Chicago are strong, and rents by necessity far outpaced lifestyle properties. Owners might also want to go easy on increases to improve renewals.