Rental Inflation Is Done, but It's Not Seasonally Adjusted

There's been a huge misunderstanding on the disconnect between these so-called OER, the owner's equivalent rent factor in this API. The CPI attempts to proxy for 100% of the national rent role month after month as changes in the market were their way through. But if you take this seasonality out of that, which is really what you should do, again, recognize that that is measuring only new contract rents and not the entire rent role.

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