n the fall of 2025, as the U.S. economy navigates a post-pandemic recovery marked by fluctuating interest rates and persistent inflation, one aspect of household budgets remains stubbornly resilient: rent prices. Despite signs of cooling demandevidenced by slower migration patterns, a slight uptick in vacancy rates, and a broader economic slowdownrents across many American cities have not plummeted as one might expect. Instead, they hover at levels that continue to strain middle-class families, with the national median rent for a two-bedroom apartment sitting around $1,906, a figure that's up modestly from the previous year even as growth rates taper off. This paradox raises a critical question: why aren't rents falling more significantly when indicators suggest demand is easing?