According to @KobeissiLetter, U.S. national apartment rents fell 0.31% month over month in October, the steepest October decline in over 15 years. Source: @KobeissiLetter. This marked the third consecutive monthly decline as elevated supply weighed on prices, with three of the five largest monthly rent drops in the past 15 years occurring in August, September, and October 2025. Source: @KobeissiLetter. Annual rent growth slowed to 0.8%, down from 1.5% at the start of 2025. Source: @KobeissiLetter. All regions declined in October, led by the West at -0.53% MoM, followed by the South at -0.28%, the Northeast at -0.24%, and the Midwest at -0.18%. Source: @KobeissiLetter. Shelter is the largest component of the U.S. Consumer Price Index and includes rent of primary residence and owners' equivalent rent, so rent trends are closely watched for inflation assessment. Source: U.S. Bureau of Labor Statistics. Because the Federal Reserve bases policy decisions on inflation data, rent disinflation is a key input for rate expectations and broader financial conditions tracked by traders. Source: Federal Reserve. These macro conditions form the backdrop for risk assets, making the rent downtrend relevant for liquidity-sensitive markets, including cryptocurrencies such as BTC and ETH. Source: Federal Reserve.