For the first time since 2009, rents dropped in September. The national average asking rent was down by $6 from August, dipping to $1,722 in September. This is good news for renters, but the multifamily sector remains strong, which is also positive for owners. What’s happening? To a large extent, there’s more supply as markets like Phoenix and others in the Sun Belt race to fill the need for more housing. And even though Phoenix is toward the bottom of the pack in major metros for year-over-year rent growth and renewal rent growth, the picture isn’t perilous when you consider how hearty the increases were in 2021-22, which couldn’t last. Also, absorption remains strong.