“New data from Cortland Chief Economist Brad Dillman suggests rents have already peaked for 2022, predicting prices in 700 U.S. markets will slow down through the rest of this year and into 2023, settling into an annual increase that will average only slightly higher than previous years. In an interview with Multifamily Dive, Dillman said he expected rent growth to hit 9.5% and inflation to rise to 8% this year.
Dillman said much of the upward pressure on rents has come from new renters with sizable big city salaries flocking to states like Florida and markets like Boise, Idaho, from large urban areas. That’s a situation that is unlikely to last as employers begin tempering wages to match their employees’ home cities.”.
