Rents rose in August, suggesting that the rental market is still pushing up overall inflation.
A report from Rent.com released on Friday found that rent prices rose by just over 0.7% from the month before. The national median rent price is now $2,052, which is just $2 away from the dataset’s record notched in August 2022.The 0.7% increase also represents an acceleration in pace from July, when prices rose by less than half of a percentage point.
“But longer-term views show that prices continue to be elevated well above pre-pandemic levels,” the report reads. “Over two years, rents have grown by more than 12%, and over three years by more than 18.5%. Annualized growth over each of those periods is more than 6%, well above historical norms. Over the course of the pandemic, prices have risen by more than 25%, adding over $400 to monthly rent bills since 2019.
The consumer price index data for August showed overall inflation rose to a 3.7% rate for the year ending in August, the second consecutive increase after a full straight year of declines. Annual inflation was at its lowest level in June, clocking in at 3%. Mortgage rates have also soared in recent months as the housing market reacts to the Fed’s barrage of interest rate revisions and the potential for perhaps another rate hike this year.
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