Rents in the US are finally set to decline

The number of apartment hunters in the US has fallen significantly, according to data from rental tracker RealPage. That’s sent a chill through what has been a red-hot rental market as more US renters moved out of apartments than moved in over the third-quarter, the first time this has happened over this period since 1992.

While demand usually declines during the fall months, this year’s drop has been particularly severe, spreading to coastal metros like New York and Los Angeles less susceptible to these fluctuations.