After 3 years of unprecedented increases, rent increases are beginning to decelerate according to Zumper’s National Rent Report. Rent for one-bedroom apartments rose 0.2%, while two-bedroom rents rose 0.5%. This seems to be an indication of a return to seasonality in the rental market after consistent increases regardless of the time of year. That being said, given the low inventory (particularly in Buffalo and Upstate) we don’t anticipate rents returning to their pre-pandemic levels, presenting a continued opportunity for landlords.