But there's a lag between housing costs and the ability to offset with higher leases, which is why there is a confusing situation where rents drive inflation—and indirectly higher interest rates—while landlords are trying to catch up.

But how does demand trail off with what's supposed to be a chronic shortage?

The company focuses on using reward programs like those of hotels and airlines to elicit tenant behavior that benefits landlords.

The appetite for rate increase expectations is out of step with the Fed's own research.

Increasing home prices and interest rates mean less buying power and effectively smaller houses as a result.

Handling compliance in case of a dispute could be a bonus.

The increases are still large, but as inflation keeps growing and the economy tightens, people have less for housing.

To be fair, they're only saying what the agency has stated after ratings hikes.