Quote: Apr. 17, 2023

“Rents are falling, but it feels more like they’re just returning to normal, which is healthy to some degree. You can say egg prices are plummeting, but what’s really happening is they’re finally making their way back to the $3 norm instead of $5 or $6. Rents ballooned during the pandemic, and are now returning to earth.”
–Dan Close, a Redfin real estate agent in Chicago, where the median asking rent in March was 9.2% lower than a year earlier.