First Dip in California Rents in Two Years

California's 24-mo streak of rising rents has ended, with the number of empty rental units reaching a 2-yr high.
Statewide, rents in California ↓ 0.7% over the past year, marking the first yearly decline since April 2021.
Vacancy rates in California ↑, with 5.4% of units being vacant statewide, the highest level since March 2021.
The supply of empty units in California has returned to pre-pandemic levels seen in 2018-19.