The multi-family market, more than any other, has been driven by the money funneled into the economy during the course of the pandemic. The shear level of money provided to renters through various pandemic programs combined with the broader economic stimulation led to some of the largest multi-family rent increases in our history. Oklahoma City has historically seen slow but steady rent growth; two to three percent annually. You could always count on it. In 2021, rent increased 12 percent. The increase was cut in half but still historically high in 2022, at 6 percent, with most of this moderation coming in the second half of the year. Clearly this wasn’t sustainable. What isn’t clear is where do we go from here.