If you look at Rich’s chart from the other day, rents decreased in 1995. They were essentially flat in 1993-1995.
Since his chart doesn’t say “real” dollars, it’s likely they are nominal dollars as a percentage of the 1985 nominal price.
If those are nominal ratios, then over the period, of 1985-1997, rent is basically flat or slightly behind inflation. In the housing run up, it got ahead of inflation, and then inflation caught up.
The rent increases in ’89 to ’91 look huge however inflation was in the 5%+ range.
