US Rent Inflation 1-16-25

In 2024, rent inflation in the United States has slowed compared to the rapid increases of 2021 and 2022. However, there are still regional differences in rent prices. 

National trends

• In November 2024, the national average rent price increased by 1%. 
• The national average rent price for a one-bedroom apartment was $1,559 per month, and $1,813 for a two-bedroom. 
• The pace of rent increases has slowed, suggesting that the market is stabilizing. 

Regional trends

• In the South, rents have been falling, with cities like Austin and San Antonio seeing the sharpest declines. 
• In the Midwest and Northeast, rents have been rising, with cities like Detroit, Cleveland, and Milwaukee seeing higher prices. 
• In Louisville, rent prices increased more than 5 percent in the past year. 
• In Northern Virginia, prices increased up to 7.9 percent. 

Factors that affect rent inflation 

• Mobility: How often people move
• Passthrough: How much of rent increases are passed on to tenants
• New-tenant rent inflation: How much new tenants pay in rent

https://www.google.com/search?q=us+rent+inflation+2024&oq=us+rent+inflation+2024&gs_lcrp=EgZjaHJvbWUyBggAEEUYOTIHCAEQIRigATIHCAIQIRigATIHCAMQIRigATIHCAQQIRigATIHCAUQIRifBdIBCTI2MDg1ajFqN6gCALACAA&sourceid=chrome&ie=UTF-8

 

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/

 

Comments

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. The reasons for these increases are US Inflation driven by increases in federal spending, higher gasoline prices the effected food prices. Renting needs to be replaced by Ownership. Renting is a bad deal. 

Norb Leahy, Dunwoody GA Tea Party Leader