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Rent is finally cooling.

Nearly 1 million new apartment units — an all-time high — are under construction around the country, census data shows. Of those, 520,000 are expected to hit the market this year, with another 460,0000 to follow in 2024, according to CoStar.

There’s good news for renters: Your too-high rent is finally not skyrocketing anymore.

Monthly asking prices shot up by 15 percent between 2020 and 2022, marking the fastest run-up in rents in nearly a century. But now costs are calming down.

Rent growth around the country is back at pre-pandemic norms — growing about 1 to 3 percent per year, according to real estate data firm CoStar Group. In some recent hot spots, including Austin and Atlanta, prices are actually falling.

“The rental market is finally taking a breath,” said Igor Popov, chief economist at Apartment List. “This summer looks a lot different from the last two summers: We are getting to a more stable period, and in some parts of the country, renters are back in the driver’s seat.” [Continue Reading]