In yet another confirmation that the days of sky-high multifamily rents are over, data from RealPage released this week shows that June rents came in lower than earlier this year in more than half of the major US metros the firm tracks.

"Moderating demand and rent growth were widely expected, and it appears to be finally happening," said Jay Parsons, RealPage's Head of Economics and Industry Principals. "The open question is whether the market is entering a true slowdown due to inflation or it's stabilizing toward more sustainable, balanced levels. We tend to take the latter view."

Renters signing a new lease in June paid 19.2% more than previous occupants of the same units – and RealPage analysts say this could "likely could end up as the peak growth rate – as it marked the first time in 2022 where trade-out rents didn't jump up significantly from one month to the next."