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Landlords Are Slashing Rents Across the Country. Haven’t You Noticed?

Sadly for most renters, prices are still rising to historic highs.
San Francisco
Photographer: David Paul Morris/Bloomberg

Have you ever bought a sweater off the sale rack and then thought,“Wait, 30 percent off what?

That's what it's like shopping for an apartments in dozens of U.S. rental markets, as landlords offer discounts on asking prices—even as rents remain at historic highs. In San Francisco, where median rents have marched upward for years, landlords reduced the listing price on 21 percent of listings in the 12 months that ended Sept. 30, according to a new report published by Trulia. That’s up from 14 percent of listings that were price-chopped last year.