US Rent Inflation 2-9-24

 

US Rent Inflation in 2023 moved from 7.875 to 6.151.

Month  %

12/23 6.151

11/23 6.507

10/23 6.723

9/23   7.153

8/23   7.265

7/23   7.689

6/23   7.827

5/23   8.403

4/23   8.108

3/23   8.18

2/23   8.097

1/23   7.875

https://tradingeconomics.com/united-states/rent-inflation#:~:text=Rent%20Inflation%20in%20the%20United%20States%20decreased%20to%206.15%20percent,percent%20in%20November%20of%202023.&text=Rent%20inflation%20in%20the%20United%20States%20accounts%20for,of%20the%20consumer%20price%20index. 

US Rent Inflation in 2022 moved from 5.151 to 7.51

Month   %

12/22  7.51

11/22  7.117

10/22  6.916

9/22    6.594

8/22    6.239

9/22   6.594

8/22   6.239

7/22   5.695

6/22   5.609

5/22   5.452

4/22   5.141

https://tradingeconomics.com/united-states/rent-inflation

US Inflation Rate from 2013 to 2023 moved from 1.5 in 2013 to 6.15 in 2023.

Year  %

2013 1.5

2014 1.6

2015 0.1

2016 1.3

2017 2.1

2018 2.4

2019 1.8

2020 1.2

2021 4.7

2022 7.51

2023 6.15

https://www.usinflationcalculator.com/inflation/current-inflation-rates/

US Rent Inflation was low from 2013 through 2020.  It doubled from 1.2 to 4.7 in 2021. It increased to 7.51 in 2022 and moved to 6.15 in 2023.  This inflation from 2021 to 2023 was 18.36 plus the increases in energy and food. If you factor in the increases in energy and food, total inflation is more like 30%.

The reasons for these increases are US Inflation driven by increases in federal spending, higher gasoline and natural gas prices that effected food prices.

45.2 million or 34.8% of occupied housing units are renter-occupied. Rental vacancy is 6.6%. 11% of renter households were behind on their rental payments in 2023's third financial quarter. 24.7 million or 53% of renters spend more than 30% of their household income on rent. Nov 22, 2023

As of 2022, 84.6 million out of a total 129.9 million households own their homes. 45.2 million households rent their homes. 2.7% of occupied housing units are second homes. Nov 22, 2023

13.0 million or 28% of renters pay more than 50% of their household income to rent their home.

27% of renter-occupied homes are detached single-family units.

35% of renters live in single-family homes.

16% of renters live in 2- to 4-unit buildings.

67% of single-family home renters live in a house with 1 or 2 bedrooms; 24% live in homes with 3 bedrooms.

If 66% of US households own their own homes in 2023, then 34% of US households are renters.

65.8% of Americans own a home as of 2022. Some 74 million Americans, or about 27%, live in a condo or HOA property. Feb 4, 2023

https://ipropertymanagement.com/research/renters-vs-homeowners-statistics#:~:text=45.2%20million%20or%2034.8%25%20of,their%20household%20income%20on%20rent.

Comments

Renting needs to be replaced by Ownership. Renting is a bad deal.  34% of US households live in rented apartments and rent single family homes. Living conditions are worse in apartments and condos. Living conditions in renting a single-family house are better, because you have more room and are usually located with other single-family homes.  

Homeowners get all their mortgage payments back when home values appreciate. It is exactly like a savings account that provides shelter. This is how family wealth is created in the US.

Norb Leahy, Dunwoody GA Tea Party Leader