Why Rent Prices Aren't Dropping as Fast as Expected

Rent prices haven't fallen as expected due to lagging government data and complicated measurement methods
The Consumer Price Index (CPI) uses "owner's equivalent rent," a survey-based estimate, instead of actual rents
CPI rent data spreads out rent hikes over 12 months instead of capturing sharp increases right away
It takes 6-18 months for real-world rent changes to be reflected in the CPI numbers
Local rent trends matter more than national CPI data for understanding conditions in a specific area