Old-school CPI thinking vs. today’s rent reality
Old-school macro says this: if CPI cools, rents cool, everybody’s grocery-and-gas-weary budget breathes easier. Clean, linear, almost…too tidy. I grew up on that playbook on the Street, and it worked for long stretches. But 2025 housing is not interested in tidy. It’s a three-clock problem: asking rents for new leases, renewal rents for folks staying put, and CPI’s shelter math. They don’t tick together, and they definitely don’t reset just because a headline inflation print eased.
Start with the classic view. CPI down, rent pressure down. It made sense when vacancy, supply, and wage growth moved slowly and in sync. You could over-explain it like this: CPI is the scoreboard, rent is a big player, so if the scoreboard falls, the player must be playing worse. Except the scoreboard is averaging last season’s stats too. CPI shelter is built from leases surveyed on a rolling schedule and then smoothed, which means it reacts with a lag. That lag is not a rounding error. It’s the whole story.
Here’s the messy reality this year. CPI’s shelter component carries heavy weight, about a third of headline CPI and closer to 40% of core, based on the Bureau of Labor Statistics’ methodology. But the series doesn’t chase real-time asking rents; it digests them slowly. Private rent measures cooled from the double-digit surges of 2021-2022 to low single digits by 2024, while CPI shelter stayed elevated because it’s picking up older lease renewals. Industry estimates also flagged a big supply wave: in 2024 the U.S. saw the largest multifamily delivery pipeline in decades, roughly in the 440,000-500,000 unit range nationally, with a strong follow-through into 2025. More supply can cap asking rents in high-build metros, even as CPI’s shelter line looks sticky. Two different movies playing at once.
The question we keep getting, will-lower-cpi-actually-lower-rent?, sounds simple. It isn’t. Not on the tenant’s calendar.
What you’ll get from this section:
- The traditional belief: when CPI cools, rent should ease and household budgets should catch a break.
- Why 2025 doesn’t fit that template: asking rents reset on vacancy and new supply, renewals re-anchor off last year’s lease, and CPI shelter moves on a lagged survey clock.
- How those clocks clash: this year’s CPI headlines can say “cooling,” while renters still face sticky renewals and only localized softness where new buildings are handing out concessions.
I might be oversimplifying, and I want to be straight about that. Different metros behave differently, Sun Belt supply waves aren’t the same as tight, coastal infill markets. And specific datapoints for fall 2025 are still settling as new leases roll. But the core idea is sturdy: CPI’s shelter math is slow, lease cycles are annual, and supply shocks arrive in lumpy batches. That’s why what you read in the inflation print and what you feel on your lease renewal can tell two stories at once.
Why CPI’s “shelter” is slow and weird (on purpose)
Here’s the crux. The Bureau of Labor Statistics doesn’t pull shelter inflation from live apartment listings. It tracks what people are actually paying on existing leases. The CPI housing survey samples tens of thousands of occupied rental units (the BLS has historically referenced roughly 50,000 rent units in its sample) and revisits each unit about every six months. That means only a slice of the sample updates in any given month, which smooths the month‑to‑month bumps you’d see on Zillow or Apartments.com. It’s deliberate. The BLS Handbook of Methods (2023) spells out that rents are priced on a rotating panel and adjusted for quality changes. Translation: stability over speed.
Two big pieces sit inside CPI shelter: Rent of Primary Residence (RPR) and Owners’ Equivalent Rent (OER). RPR is exactly what it sounds like, what tenants pay on their current leases. OER is trickier: it asks homeowners what their place would rent for, then uses nearby rental comparables to estimate that flow of housing services. No home prices in there, and mortgage rates aren’t a direct input either. That’s why home price booms can rhyme with OER, but they don’t move one‑for‑one. As of the 2025 weight set, shelter is roughly a third of headline CPI and around two‑fifths of core, OER is the lion’s share within that, with rent making up the rest. Big footprint, slow feet.
Because CPI leans on leases and renewals, not vacant‑unit ads, it inherently lags spot conditions. New‑lease asking rents react fast, vacancy rises in a Sun Belt submarket, you’ll see two months free by the weekend. CPI won’t “see” that until the households in the sample either sign new leases or roll their renewals, and even then it trickles in as those units come up for re-pricing on the six‑month rotation.
Industry rule of thumb: CPI shelter trails market rents by ~9-12 months. It’s handy for stability. It’s terrible for timing your lease.
That lag has been obvious the last couple of years. Private indexes showed asking rents cooling in late 2023 and on and off in 2024, especially where new deliveries surged, while CPI shelter stayed elevated because most people were renewing off earlier, hotter leases. Even now, Q4 2025, you’ve got this split screen: new buildings in Austin, Phoenix, parts of Atlanta still using concessions, while renewals in tight coastal infill zip codes are holding up in the mid‑single digits. CPI shelter, by design, averages those realities.
One more nuance that trips folks up: OER vs. asking rents. OER tracks what owner‑occupied housing would rent for, based on comparable occupied units, so it tends to move more like renewal rent than like a “$2,895-6 weeks free!” listing. And it can drift differently across metros. If mortgage rates keep owners from moving, you reduce churn; fewer comps reset, which can make OER stickier even while new‑lease ads are soft. I’ve argued this with landlords and asset managers over coffee and, yeah, I’ve talked myself in circles a few times, then remembered the simple thing: CPI’s shelter is a slow average of lived leases, not a screenshot of this weekend’s listings.
Implication for 2025 strategy: if you’re budgeting or setting rent rolls, treat CPI shelter as a stabilizer, not a spot guide. Use private rent gauges for leading signals, but remember their volatility. And if you’re a renter negotiating a renewal this fall, the CPI headline saying “cooling” won’t win your case by itself; the concession three buildings over might.
What actually moves rent: supply, vacancy, wages, and credit conditions
Start with supply. When new units deliver in bulk, landlords compete, plain and simple. Concessions widen first, free months, parking credits, gift cards, then posted rents follow with a lag. 2024 saw one of the biggest modern delivery waves, on the order of roughly 480,000-500,000 new apartments nationally (industry trackers like RealPage/CoStar flagged it as the largest since the 1980s). A lot of those projects were financed back in 2021-2022 when capital was cheap, so the pipeline kept hitting earlier this year. That’s why you’re seeing “8 weeks free” in Austin and Phoenix while Boston’s still getting away with “market rent, no special.” If you want to map CPI shelter to your block, watch your submarket deliveries and the concession sheets your leasing agents trade like baseball cards.
Vacancy is the next gear. Higher vacancy forces negotiated deals before it shows up in official stats. You see it in soft renewals and more aggressive back-and-forth on units that have sat for 30+ days. Nationally, the rental vacancy rate moved into the mid-6% to ~7% range through 2024-2025 (Census), up from the lows earlier in the cycle. That sounds small, but a one-point shift in vacancy can flip pricing power. The tell: when effective rents (after concessions) flatten while asking rents still look okay in the press release. I keep a scrappy spreadsheet that tracks “days vacant” by property; when that ticks above ~25 days across a portfolio, you’re about to see owners blink.
Wages and household formation steer demand. If paychecks slow or roommate trends change, rent does too. The Atlanta Fed Wage Growth Tracker cooled from around 6%-7% in 2022 to roughly 4%-4.5% during 2024-2025. That takes some steam out of renters’ bidding power, especially at renewal. At the same time, the roommate rebound, people moving back in together after the 2021-2022 “everyone get your own place” surge, quietly reduces unit demand. You won’t see a headline that says “three-bed splits are back,” but you will see two-bedroom absorption come in light while studios take longer to lease unless they’re priced to move.
Credit conditions do two contradictory things at once. High mortgage rates keep would-be buyers renting longer, propping up near-term demand. The 30-year fixed has hovered around ~7% for much of last year and this year (Freddie Mac PMMS), which delays the renter-to-owner transition and extends average tenure in Class B/C buildings. But tight lending also slows new construction starts, which shapes future rent paths. The Fed’s Senior Loan Officer Survey showed banks tightening standards for multifamily and construction lending through 2023 and into early 2025; 5+ unit housing starts fell roughly 30% from the 2022 peak into 2024 (Census). Translation: plenty of supply now in some metros, but fewer projects breaking ground means a thinner delivery slate 18-30 months out. If you’re underwriting 2026 rent growth, that second point matters more than it feels today.
Quick personal aside, because this trips people up. I was in Dallas last month, walked three lease-ups on the same block. Every tour started with a concession pitch before I even saw the pool. But back in Queens a week later, one landlord was haggling over a $50 dog fee like it was a treaty negotiation. Same national CPI print, two very different worlds. And I’m not even counting the building with the espresso machine that only works on Tuesdays; no idea why I’m mentioning that, but it stuck.
Local beats national because supply dynamics are wildly uneven right now:
- Sun Belt (Austin, Phoenix, Nashville, Dallas): Heavy 2024-2025 deliveries pushed vacancy up and concessions out. Effective rents are under pressure even when list rents pretend otherwise. Expect CPI shelter in these metros to cool first as renewals reset lower.
- Coastal supply-constrained (NYC, Boston, SoCal, Bay Area): Limited new supply keeps vacancy tighter. Rent growth is slower than 2021-2022 but still sticky, especially in transit-rich, high-income submarkets. Concessions exist, but they’re surgical.
- Midwest “steady Eddies” (Cleveland, Kansas City, Milwaukee): Modest new supply and stable demand keep rents grinding, not spiking. CPI here often matches lived experience better because there’s less noise from lease-ups.
How to map CPI to your neighborhood
- Track deliveries and concessions within a 2-3 mile radius; concessions widen 1-3 quarters before posted rent cuts.
- Watch vacancy and days-to-lease; negotiated renewals reflect stress before indices do.
- Overlay wage trends for your renter base; if local job ads and pay bumps cool, your rent ceiling does too.
- Note mortgage rates and bank lending; high rates keep renters longer now, but tight credit means fewer new projects, and tighter markets, later.
Bottom line for this year: CPI shelter is easing nationally, but your rent depends on whether cranes are wrapping up on your block or not. If they are, ask for the free month, don’t be shy. If they aren’t, budget with a little buffer because the pipeline behind 2026 is thinning.
2025 check-in: CPI is easing, but leases don’t care about headlines
Quick reality check for Q4: the rent pop from 2021-2022 is behind us, but CPI shelter is still digesting it. Why? Lease math is slow. The Bureau of Labor Statistics builds shelter inflation off renewals and a rotating sample of units, so it chases the market with a lag. You see the softening now in listings and concessions; CPI catches it months later. Is that annoying? Yeah. Is it how the series is designed? Also yes.
Two big anchors this year. First, supply. In 2024, U.S. multifamily completions hit a multi-decade high per Census Bureau construction data, roughly on the order of half a million 5+ unit apartments, the most since the 1980s. That bulge set up easier rent pressure into 2025. Second, demand cooled from the post-pandemic surge as household formation normalized and affordability bit, no mystery there with wages decelerating from 2022 pace and student loan payments resuming last year.
What are we seeing on the ground in 2025? In many metros, think Austin, Phoenix, parts of Atlanta and Jacksonville, asking rents are flat to modestly higher year over year, and the effective price is lower once you net out giveaways. I’ve lost count of the “6 weeks free” flyers. And small note: concessions don’t always show up in CPI immediately because CPI uses contract rents after the discount expires or amortizes differently. So you can get a free month today and the index barely budges until the lease rolls or the sample cycles.
Now here’s the messy part, renewals. Renewal rents trail asking rents. If you signed in late 2023 or early 2024, you locked in during tighter conditions and you might still be staring at a sticky increase on renewal this fall, even while the unit across the hall is advertising a softer ask with a promo. That’s not a contradiction; it’s sequencing. Property managers prioritize occupancy on vacant units and then work renewals more slowly, especially where vacancy hasn’t blown out.
Headline: CPI shelter trend is cooling. Household reality: renewals feel slower to cool than listings. Both can be true.
A couple specifics worth pinning to the wall:
- Completions backdrop: Census Bureau reporting shows 2024 multifamily (5+ units) completions at the highest level since the late 1980s, setting the table for easier rent pressure into 2025. Supply works, eventually.
- Concessions are heavier: This year, many professionally managed assets are leaning on 4-8 weeks free or owner-paid fees. That pushes effective rents down even if the posted ask looks flat. CPI won’t fully capture that until renewal cycles reset.
- Renewal math lags: Tenants rolling off 2023-early 2024 leases are still encountering increases, smaller than 2022, thankfully, but not always in line with today’s softer new-lease quotes.
Could I give you a single national number and call it a day? I could, but it would be misleading. The nuance matters. CPI shelter is easing nationally this year, but the gap between effective asking rents and renewal rates is doing the talking in your wallet. If cranes wrapped up within a couple miles of you, the use is yours, negotiate the renewal like it’s a new lease and ask to apply the free-month math to your rate. If your submarket didn’t see those 2024 deliveries, expect less relief now, with more meaningful help only when today’s pipeline peters out later this year and into early 2026.
Ok, but will a lower CPI actually lower your rent? The conditional answer
Short answer: nice backdrop, not a guarantee. CPI cooling tells you inflation pressure is easing, but your landlord prices off vacancy on your block and how fast units are leasing this month, not the Bureau of Labor Statistics print. Shelter CPI famously lags. For context, BLS data shows shelter inflation peaked around 8.2% year-over-year back in March 2023 and eased through 2024 into 2025, while headline CPI fell from 9.1% in June 2022 to the 3-4% zip code last year. Helpful? Yes. Sufficient to cut your renewal by itself? No.
Here’s the operating reality landlords care about when they set your number:
- Vacancy and lease-up speed beat CPI: If vacant units are sitting two or three weeks longer than last year, pricing software nudges the ask down or sweetens concessions. If everything is leased in a weekend, they push price. That feedback loop is daily; CPI is monthly and lagged.
- New supply improves your use: 2024 and 2025 have been heavy delivery years by any standard. Industry trackers like RealPage and CoStar estimated roughly 430k-480k new multifamily units delivered in 2024 and another 500k-ish coming online this year. Markets like Austin, Phoenix, Dallas, Atlanta, and Nashville saw outsized construction. Where that pipeline hit, concessions jumped and effective rents softened, regardless of CPI trend.
- Concessions matter more than the sticker: RealPage reported that in 2024, more than one-third of professionally managed buildings were offering some kind of concession, and that share pushed higher in the oversupplied Sun Belt. Two free months on a 12-month lease is a 16.7% effective discount. A posted $2,000 rent with two free months? Your effective is about $1,667. That beats a neat little $50 “price cut.” Budget off the effective number, not the sign on the website.
So the conditional answer goes like this: if your submarket has fresh deliveries and rising vacancy, your bargaining power improves even if CPI prints are boring. If supply is tight and household formation is steady, think parts of the Northeast where construction lags, CPI dropping won’t magically trim your renewal. I wish it did. I’ve tried that argument with a landlord; they smiled, pointed to their waitlist, and… yeah.
Timing matters too. Renewal cohorts rolling off summer 2023 leases were still seeing increases earlier this year, because their building’s internal comps were set off older highs. As the 2024-2025 lease class resets, you’ll see the concessions and softer new-lease math show up in renewals, slowly. Not perfectly synchronized, and sometimes annoyingly late. That lag is real.
Practical playbook, my two cents: check your submarket’s vacancy and delivery map first, not CPI. If cranes wrapped up nearby and listings are carrying “6 weeks free,” negotiate like a new tenant and convert those concessions into a lower effective renewal. If your area’s tight, focus on smaller wins, fees waived, flexible start dates, or even a longer term for a lower step-up. CPI makes the wind less in your face; vacancy decides whether you’re riding downhill.
Plays for renters, investors, and anyone budgeting in Q4
Renters. If you’re up for renewal between now and early 2026, anchor your ask to supply, not CPI. The U.S. had a record pipeline earlier, Census data showed multifamily units under construction topping 1 million in 2023, and a big chunk of those hit the market last year and this year. New buildings arriving in your zip code usually bring concessions (4-8 weeks free, free parking, gift cards… I’ve seen the toaster too). Time your renewal discussion to those deliveries. Two tactics that work: (1) ask for the new-lease deal and convert freebies into a lower monthly; and (2) get a longer term with a smaller step-up if you plan to stay put. Always calculate effective rent: if they quote $2,400 with 6 weeks free on a 12-month term, your effective is roughly $2,400 × 12 / 10.5 = $2,743? Nope, reverse it. It’s $2,400 × 10.5 / 12 ≈ $2,100. That math decides whether it’s worth packing boxes.
Budgeting. Don’t set your 2025-2026 housing line item off CPI headlines. Shelter CPI moves slowly because of how BLS samples leases; it tends to lag real-time rents by about 9-12 months (BLS methodology + lots of academic work say as much). Use two local inputs instead: vacancy trend (are listings sitting?) and your lease anniversary. If your renewal’s in, say, February, look at what signed this fall within a half-mile, those concessions bleed into winter renewals with a lag. Build a 12-month forecast range: base case = current rent, upside = 1-3% cut where vacancy is rising and new product is heavy, downside = +3-5% if your micro-market is tight and deliveries have thinned. Then set cash buffers around the renewal date, not January 1st, so you don’t get caught short for deposits or movers.
Investors. Apartment REITs and homebuilders are trading on absorption vs. starts, not CPI. 2024’s heavy deliveries are pressuring effective rents in high-supply nodes now, but it’s setting up a cleaner 2026 if financing stays tight. We already saw the pipeline crest: units under construction peaked in 2023 (Census), and multifamily starts fell from the 2022 pace as debt costs bit. That usually cools 18-24 months later, i.e., potential vacancy relief into 2026. Translation: for apartment REITs, I want submarkets with visible 2025-2026 supply fade and balance sheets that can refinance at ~7% money without equity dilution. For builders, watch quick-turn communities and incentives rather than headline backlog. And a tax note: the 20% deduction on qualified REIT dividends (Section 199A) is still available this year but is scheduled to sunset after 2025 unless Congress extends it, worth modeling in after-tax yield.
Mortgage vs. rent. Rates are still elevated this year relative to the 2020-2021 pandemic lows. Freddie Mac’s survey has the 30-year fixed hovering around ~7% for long stretches of 2024 and this year. The rent-vs-buy math is hyper local, don’t use rules of thumb. Run after-tax numbers: mortgage interest (subject to standard vs. itemize trade-offs and the $10k SALT cap still in place this year), property taxes, insurance, HOA, maintenance (I use 1-1.5% of home value annually), and the opportunity cost of your down payment. On the rent side, use the effective rent, not the sticker. I like a simple hurdle: if the after-tax monthly cost to own is more than ~10-15% above your effective rent for a comparable unit, and you’re not planning to stay at least 5-7 years, you probably keep renting. Flip that if you’ve got stability, a sub-7% rate locked, and realistic maintenance reserves.
Quick tax angles (talk to your CPA; I’m good, but I don’t do your return): (1) Investors: bonus depreciation is 40% in 2025 (down from 60% in 2024) under current law, still meaningful for cost seg on eligible assets. (2) REITs: as mentioned, that 199A 20% deduction on qualified dividends is in play through 2025. (3) Renters: no federal deduction for rent, but if you move for work or negotiate a buyout, track costs and any incentives, paper trails save headaches. Tiny thing, big payoff.
The bottom line (and what I’m watching next)
CPI can cool while your rent doesn’t, at least not yet. That’s the calendar mismatch. National inflation reads the past; your lease reads the date on your kitchen counter. Shelter in CPI is a constructed measure (rent + owners’ equivalent rent) that follows signed and renewed leases with a lag. The Bureau of Labor Statistics’ 2024 weights put shelter at roughly 36% of headline CPI and about 43% of core CPI, so when it moves, the whole index moves. But it moves slowly. Research from the Cleveland Fed and others has shown a 6-12 month gap between private rent gauges and CPI shelter; some metro-level work stretched that to ~12-18 months in hot cycles. Short version: your building starts offering a free month before the index “sees” it.
Lower CPI helps rates, helps credit spreads, helps the macro vibe. It doesn’t guarantee your rent drops. Local supply and lease timing dominate. If your submarket has 1,500 units delivering into Q4-Q1, you might see concessions immediately even if the CPI press release still says “shelter stayed firm.” RealPage noted that concessions showed up on roughly 10-12% of new leases nationally in late 2024, with much higher rates in high-supply Sun Belt pockets. Those concessions hit your wallet day one; the index captures the average later. I’m blanking on the exact Phoenix figure from last fall, think it was north of 20%, but the pattern was clear.
Another wrinkle: even if nominal rent softens, operating costs can backfill it. Property insurance rose double-digits in many coastal states in 2023-2024, and local taxes reassessed off 2021-2022 price gains are still working through budgets this year. Landlords try to claw that back. That’s why your renewal might come in flat instead of down. Annoying, but real.
So what do we watch from here?
- 2025-2026 multifamily starts (credit-driven): Starts remain well below the 2022 peak, and construction lending is tight with banks still nursing CRE risk buckets. If spreads keep easing into late 2025, we’ll see permits perk up; if not, 2026 new supply gets thin, which ironically props rents back up.
- Wage growth vs. renewals: If nominal wages run 3-4% year over year while renewals ask 5-6%, household rent burden worsens and retention drops. If renewals settle near wage growth, churn stabilizes and concessions fade. I watch Atlanta Fed’s Wage Growth Tracker for direction and RealPage for renewal rates.
- Insurance and taxes: Any rent relief can be offset by mid-lease passthroughs or next-year budgets. Local stories matter here; Houston and Tampa don’t look like Chicago. If carriers ease and municipalities hold the mill rate, renters actually feel the relief. If not, well, you get the picture.
Net-net: CPI can improve while your rent only sort of improves. Concessions and timing hit you first; the index catches up later.
If you’re making decisions: track your effective rent (after freebies), not the list price; ask your manager about renewal windows now; and watch your city’s delivery pipeline, not just the national CPI print. The macro is turning friendlier. Your lease is still local, and it’s still on a very specific calendar.
Frequently Asked Questions
Q: How do I get a lower rent if CPI is easing?
A: Ask for a renewal quote 60-90 days early, bring two comps from similar buildings, and push for either (a) flat rent, or (b) 1-2 months free. Emphasize vacancies in your area and the 2024-2025 supply wave. If they won’t budge, ask for smaller wins: free parking, reduced fees, or a longer lock.
Q: What’s the difference between CPI shelter and the rent I see on listings?
A: CPI shelter is a slow-moving average of what households actually pay, gathered via surveys and smoothed over time. It picks up renewals and old leases, so it lags. Listings are real-time “ask” prices for new leases. In 2024, private indexes showed rent growth cooling to low single digits while CPI shelter stayed sticky because it was digesting 2022-2023 surges. This year, with a large 2024-2025 multifamily delivery pipeline still hitting, new-lease asking rents in high-build metros can be capped or come with concessions, even as CPI looks stubborn. Translation: CPI down doesn’t automatically cut your renewal; your landlord may still lean on last year’s comps. Use local vacancy, current concessions, and days-on-market data to negotiate, not the headline CPI print.
Q: Is it better to sign a 12‑month or an 18-24‑month lease right now?
A: If you’re in a high-supply metro (lots delivered in 2024 with follow-through in 2025), a 12‑month can keep you flexible to capture further concessions if vacancies persist into 2026. But if your landlord is offering meaningful incentives, say, 1-2 months free or a lower base, for a longer term, the math can favor 18-24 months. Run the effective rent: total rent paid minus concessions, divided by months. Also consider timing risk: renewals bunched into summer tend to be pricier. If your 12‑month would renew next September, peak leasing, nudging to 15 or 18 months to land in winter could be cheaper. Quick rule I use: if the longer term cuts effective rent by ~3%+ and aligns renewal in an off‑peak season, lock it. If not, keep optionality.
Q: Should I worry about my renewal jumping even if CPI cools?
A: Short answer: yeah, a bit. CPI shelter lags, and landlords price renewals off building-level turnover, their own vacancy, and debt costs, not a headline print. What to do: 1) Price your alternatives. Pull 3-5 comps with similar square footage, amenities, and transit. If comps show 1-2 months free (common in high-delivery submarkets this year), convert that to effective rent and bring it to your manager. 2) Negotiate structure, not just sticker. Examples: • Example A (Sunbelt Class A): Asking $2,100, 1 month free on 13 months → effective ~$1,938. Counter your $2,050 renewal with that math. • Example B (Urban Class B): No free month, but $75 parking and $35 trash, ask to waive fees and cap the increase at 2%. • Example C (Suburban garden): Offer an 18‑month term at today’s rent in exchange for early renewal. 3) Budget for a split outcome. I model a base case +3%, bear case +6%, bull case flat, and pre-fund the difference over the next two paychecks. 4) Timing matters. Start 90 days out; if the building’s Q4 occupancy looks soft, yep, holiday season leasing is slower, you have use. Worst case, be ready to walk; best case, you get a cleaner renewal without the drama.
@article{will-lower-cpi-actually-lower-rent-2025-housing-reality,
title = {Will Lower CPI Actually Lower Rent? 2025 Housing Reality},
author = {Beeri Sparks},
year = {2025},
journal = {Bankpointe},
url = {https://bankpointe.com/articles/will-lower-cpi-lower-rent/}
} 