High mortgage costs, low supply of houses for purchase and high rents made for a pretty bleak year. But there’s a glimmer of light on the horizon.

Asking rents are down 1% nationally, though they’re still rising in some regions.

Ultra-cheap rentals declined in every state, especially in Texas and North Carolina, where renters from more expensive markets are moving.

The Census reports that construction of multifamily homes, like apartment buildings, was up about 25% year-over-year.

That’s good news if you’re looking to buy in Philadelphia, Detroit, Cleveland or Houston, but what about the rest of us?

Errica Jamil moved seven times in about as many years, earning her free or reduced rent. Now she owns a home of her own.

There was a huge surge in demand early in the pandemic. That has cooled down dramatically, and in some areas, demand is starting to be met.

That’s because apartment developers have a lot more incentives to keep building right now.

One report found that net effective median rent in Brooklyn jumped more than 27% year-over-year in August.

“It’s a new level of insanity in the market,” said recent New York City apartment seeker, Maya Kosoff.