Rental Market Shifts: Vacancies Rise and Rents Drop in Major Cities.

California's 24-month streak of rising rents has ended as the number of empty units hits a two-year high. Rents statewide averaged $1,946 in May, a drop of 0.7% over the past year, and rents have dipped in 13 of the 15 counties tracked over the past 12 months. Vacancies are returning to levels last seen before the pandemic, creating more options for apartment seekers. Landlords are being forced to compete hard for customers for the first time in two years, and a modest upswing in apartment construction means even more options for renters.