The median rent across the 50 largest metropolitan areas in the United States grew by just $3 from June 2022 into July, reaching $1,879. This sets yet another new high for national rent, breaking the record for the 17th month in a row, but it also signals a significant slowdown in rent growth. This was the smallest month-to-month growth in 2022 thus far, and the lowest year-over-year rent growth since August of last year. Rent is finally leveling off, with growth quickly sliding nearer to a sustainable equilibrium level as it has been since January. Despite the encouraging indicators, the challenges of record-high rent, 12.3% higher than last year, amid 8.5% inflation and just 5.2% wage growth are very real to renters. Relief in the form of moderating rent charges is coming, but it has not arrived yet.