Rosenberg registers a small caveat: Rents

...one of the underpinnings of the disinflation momentum has been residential rents, which comprise a large chunk of the CPI and they have been going down at an unprecedented rate. Now while the Reis data this week showed vacancy rates rising and rental rates falling in both the office and shopping center spheres, in Q2 we saw the reverse in the apartment sector where the U.S. Vacancy rate dipped to 7.8% from 8% on the nose in Q1, while rents advanced 0.7% QoQ in what was the strongest advance in two years. Rents only fell in 10 of the 82 markets.
---DR, 7/9