After record growth, Americans are finally starting to see the red-hot rental market begin to cool off.
Marissa DuBee remembers having "sticker shock" when searching for a rental this summer.
"The both of us are working as hard as we can to make ends meet to plan the wedding of our dreams," she said. "It definitely is challenging especially with the cost of everything just going up, but in the end we know it'll all be worth it."Housing accounts for about one-third of inflation. The Consumer Price Index reached an annual rate of 8.3% in August, the highest in nearly 40 years, the Labor Department said. Average hourly earnings rose 5.
The property manager also said current rents in the city may seem artificially higher because they are being compared with prices during the height of the pandemic, when many landlords were slashing rents and offering major perks to lure renters back to big cities.
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