9 cities where rent actually declined in 2022

Rents are starting to roll over in parts of the country that were near the epicenter of the COVID-era home-price boom.

Why it matters: Costs of shelter are currently key drivers of inflation.

• In December 2022, rents were 8% higher nationally than they were the same month in 2021, according to the latest Consumer Price Index, released Thursday.

Yes, but: Because of the way rents are measured in the government's CPI report, it can take as long as a year for the latest dynamics in the rental market to show up in official inflation readings.

The bottom line: Nevertheless, those shifts are becoming increasingly clear, especially in red-hot Sunbelt real estate markets such as Florida, Arizona and Texas.

• Data from Realtor.com shows rents there are already falling. And that means downward pressure on the key inflation driver of the moment — housing — is already in the pipeline.