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This decline may be due to a combination of multiple factors such as high housing prices, high mortgage rates, and the recent wave of tech layoffs on the West Coast, with more companies announcing their return-to-office mandates last week, some remote workers may choose to relocate back to major cities or tech hubs. As home prices are still high and mortgage rates are up compared to one year ago, people who move back may prefer to stay in the rental market, driving up the already high rental demand in these areas.

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