I read this https://www.yesigiveafig.com/p/the-rent-is-too-damn-part-2 which claims "The large backlog of multifamily properties and increasing rental vacancies will lead to a fall in rents by the end of the year."

Will the Zillow Observed Rent Index (ZORI) for all homes including multifamily be lower at the end of 2023 than at the start of 2023.

as reported by the

ZORI https://files.zillowstatic.com/research/public_csvs/zori/Metro_zori_sm_month.csv?t=1690726278

In January 2023 the index was
2005.0333659336923 for the entire United States.

When this question was posted at the end of July the last known value was for June and the value was 2053.8955564204184