We've seen rents jump nationwide, and know that they are a slow moving and stubborn part of the inflation numbers that the Fed is looking at.

I am helping someone find a place to live right now and I have called and visited a dozen complexes in the last month. On two separate visits yesterday we were offered a move-in special of half off first month, reduced deposit, and at one location we were told off the record to call back next week because they were getting ready to drop rates 10%. It'll be interesting to see if this continues, is more wide spread, and what it does to the inflation numbers.