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More than half of renters in the US are paying more than they can afford for rent. Over the past few years that rate has grown as rents have spiked. But as increased building has boosted the supply of apartments, rents are softening. In December national rents saw the eighth month in a row of year-over-year rent decline. The median asking rent was $1,713, which was down $4 from November and down $63 from the July 2022 peak.

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