Paul Krugman: The spike in rents looks to be leveling off, and that’s good for renters and the fight against inflation.
This is good news for renters. It’s also, potentially, good news for the fight against inflation.
Overall inflation, however, remained high even as goods inflation came down, because other prices began rising quickly. Most important, official measures of rents began rising rapidly. But now rents have leveled off and may even be coming down. In fact, the rent surge is starting to look like another bottleneck story, in which large price increases were driven by a sudden shift in the mix of things people were buying, rather than a large excess of demand. And now the bottleneck is easing, with the shift to remote work having run its course for now and new rental units starting to become available.
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