Graph and download economic data for Consumer Price Index for All Urban Consumers: Rent of Primary Residence in U.S. City Average (CUUR0000SEHA) from Dec 1914 to Feb 2025 about primary, rent, urban, consumer, CPI, inflation, price index, indexes, price, and USA.

Residential rents in urban areas in the United States have grown faster than the general basket of products and services of the urban population. In December 2023, the consumer price index (CPI) for rent of primary residences reached almost 411 index points, more than 100 index points more than the CPI for all items. The CPI measures the development of prices, with 1984 chosen as a base year. An index value of 400 indicates that rents have quadrupled since 1984.

Rental rates in the United States increased steadily since 2008. In 2023, the producer price index for gross rent in office buildings reached 132.9 index points. This means that between 2008 when the index value was set to 100 and 2023, gross office rents grew by about 33 percent. Manhattan, San Francisco, and Boston are among the biggest and most expensive markets for office space in the United States.

Rent Inflation in the United States decreased to 4.20 percent in February from 4.40 percent in January of 2025. This dataset includes a chart with historical data for the United States Rent Inflation.

The house price to rent ratio index in the U.S. declined since the second half of 2022, indicating that house price growth slowed down compared to rental growth. That was the first decrease after a long period of a steady increase. House prices increased dramatically since the coronavirus pandemic. Meanwhile, rents have grown notably, but at a slower rate.What does the house price to rent ratio index measure?The house-price-to-rent-ratio measures the evolution of house prices compared to rents. It is calculated by dividing the median house price by the median annual rent. In this statistic, the values have been normalized with 100 equaling the 2015 ratio. Consequentially, a value under 100 means that rental rates have risen more than house prices. Compared to the OECD countries average, the gap between house prices and rents in the United States was wider. The house price to rent ratio in different countries The house price to rent ratio in the United Kingdom continued to increase in the second half of 2022, but growth softened, as the housing market cooled. On the other hand, the index in Germany fell drastically between the second quarter of 2022 and the second quarter of 2023. A similar trend was observed in France.

Graph and download economic data for Consumer Price Index for All Urban Consumers: Rent of Shelter in U.S. City Average (CUUR0000SAS2RS) from Dec 1982 to Feb 2025 about shelter, rent, urban, consumer, CPI, inflation, price index, indexes, price, and USA.

Price to Rent Ratio in the United States decreased to 133.63 in the third quarter of 2024 from 134.25 in the second quarter of 2024. This dataset includes a chart with historical data for the United States Price to Rent Ratio.

United States - Consumer Price Index for All Urban Consumers: Rent of Shelter in U.S. City Average was 427.92800 Index Dec 1982=100 in January of 2025, according to the United States Federal Reserve. Historically, United States - Consumer Price Index for All Urban Consumers: Rent of Shelter in U.S. City Average reached a record high of 427.92800 in January of 2025 and a record low of 141.70000 in January of 1990. Trading Economics provides the current actual value, an historical data chart and related indicators for United States - Consumer Price Index for All Urban Consumers: Rent of Shelter in U.S. City Average - last updated from the United States Federal Reserve on March of 2025.

United States US: Price to Rent Ratio: sa data was reported at 134.118 2015=100 in 2024. This records an increase from the previous number of 133.710 2015=100 for 2023. United States US: Price to Rent Ratio: sa data is updated yearly, averaging 99.069 2015=100 from Dec 1970 (Median) to 2024, with 55 observations. The data reached an all-time high of 137.672 2015=100 in 2022 and a record low of 89.669 2015=100 in 1997. United States US: Price to Rent Ratio: sa data remains active status in CEIC and is reported by Organisation for Economic Co-operation and Development. The data is categorized under Global Database’s United States – Table US.OECD.AHPI: House Price Index: Seasonally Adjusted: OECD Member: Annual. Nominal house prices divided by rent price indices

Graph and download economic data for Consumer Price Index for All Urban Consumers: Owners' Equivalent Rent of Primary Residence in U.S. City Average (CUSR0000SEHC01) from Jan 1983 to Feb 2025 about primary, rent, urban, consumer, CPI, inflation, price index, indexes, price, and USA.

United States All Tenant Regressed Rent Index data was reported at 201.766 Mar2000=100 in Dec 2024. This records an increase from the previous number of 200.459 Mar2000=100 for Sep 2024. United States All Tenant Regressed Rent Index data is updated quarterly, averaging 129.848 Mar2000=100 from Dec 1999 (Median) to Dec 2024, with 101 observations. The data reached an all-time high of 201.766 Mar2000=100 in Dec 2024 and a record low of 102.275 Mar2000=100 in Dec 1999. United States All Tenant Regressed Rent Index data remains active status in CEIC and is reported by U.S. Bureau of Labor Statistics. The data is categorized under Global Database’s United States – Table US.I117: Tenant Rent Index.

United States - Consumer Price Index for All Urban Consumers: Services Less Rent of Shelter in U.S. City Average was 426.53100 Index Dec 1982=100 in February of 2025, according to the United States Federal Reserve. Historically, United States - Consumer Price Index for All Urban Consumers: Services Less Rent of Shelter in U.S. City Average reached a record high of 426.53100 in February of 2025 and a record low of 111.30000 in January of 1985. Trading Economics provides the current actual value, an historical data chart and related indicators for United States - Consumer Price Index for All Urban Consumers: Services Less Rent of Shelter in U.S. City Average - last updated from the United States Federal Reserve on March of 2025.

The rent for office spaces in the United States is expected to continue to increase at a moderate pace until 2027, after rising by less than two percent in 2022. The strongest growth is forecast in 2027, when the average effective rent is projected to rise by 2.4 percent.

United States - Consumer Price Index for All Urban Consumers: Owners' Equivalent Rent of Primary Residence in U.S. City Average was 354.98000 Index Dec 1982=100 in March of 2022, according to the United States Federal Reserve. Historically, United States - Consumer Price Index for All Urban Consumers: Owners' Equivalent Rent of Primary Residence in U.S. City Average reached a record high of 354.98000 in March of 2022 and a record low of 100.00000 in December of 1982. Trading Economics provides the current actual value, an historical data chart and related indicators for United States - Consumer Price Index for All Urban Consumers: Owners' Equivalent Rent of Primary Residence in U.S. City Average - last updated from the United States Federal Reserve on March of 2025.

The average asking rent for retail real estate in the United States has increased steadily since 2020. In the third quarter of 2024, the average square footage asking rent reached 21.85 U.S. dollars, while the average effective rent amounted to 19.15 U.S. dollars. Nevertheless, rents varied greatly in different regions in the U.S. The Western region of the country had the highest rent for shopping center space.

The average monthly rent for all apartment types in the U.S. soared in 2021 and 2022, followed by a slight decline in the next two years. In January 2025, the monthly rent for a two-bedroom apartment amounting to 1,356 U.S. dollars. That was an increase from 1,136 U.S. dollars in January 2021 but a decline from the peak value of 1,427 U.S. dollars in August 2022. Where are the most expensive apartments in the U.S.? Apartment rents vary widely from state to state. To afford a two-bedroom apartment in California, for example, a renter needed to earn an average hourly wage of nearly 42 U.S. dollars, which was approximately double the average wage in North Carolina and three times as much as the average wage in Arkansas. In fact, rental costs were considerably higher than the hourly minimum wage in all U.S. states. How did rents change in different states in the U.S.? In 2024, some of the most expensive states to rent an apartment only saw a moderate increase in rental prices. Nevertheless, rents increased in most states as of January 2025. In West Virginia, the annual rental growth was the highest, at seven percent.

Graph and download economic data for Consumer Price Index for All Urban Consumers: Services Less Rent of Shelter in U.S. City Average (CUSR0000SASL2RS) from Jan 1985 to Feb 2025 about shelter, rent, urban, consumer, services, CPI, inflation, price index, indexes, price, and USA.

VITAL SIGNS INDICATOR
Rent Payments (EC8)

FULL MEASURE NAME
Median rent payment

LAST UPDATED
January 2023

DESCRIPTION
Rent payments refer to the cost of leasing an apartment or home and serves as a measure of housing costs for individuals who do not own a home. The data reflect the median monthly rent paid by Bay Area households across apartments and homes of various sizes and various levels of quality. This differs from advertised rents for available apartments, which usually are higher. Note that rent can be presented using nominal or real (inflation-adjusted) dollar values; data are presented inflation-adjusted to reflect changes in household purchasing power over time.

DATA SOURCE
U.S. Census Bureau: Decennial Census - https://nhgis.org
Count 2 (1970)
Form STF1 (1980-1990)
Form SF3a (2000)

U.S. Census Bureau: American Community Survey - https://data.census.gov/
Form B25058 (2005-2021; median contract rent)

Bureau of Labor Statistics: Consumer Price Index - https://www.bls.gov/data/
1970-2021

CONTACT INFORMATION
vitalsigns.info@mtc.ca.gov

METHODOLOGY NOTES (across all datasets for this indicator)
Rent data reflects median rent payments rather than list rents (refer to measure definition above). American Community Survey 1-year data is used for larger geographies – Bay counties and most metropolitan area counties – while smaller geographies rely upon 5-year rolling average data due to their smaller sample sizes. Note that 2020 data uses the 5-year estimates because the ACS did not collect 1-year data for 2020.

1970 Census data for median rent payments has been imputed from quintiles using methodology from California Department of Finance as the source data only provided the mean, rather than the median, monthly rent. Metro area boundaries reflects today’s metro area definitions by county for consistency, rather than historical metro area boundaries.

Inflation-adjusted data are presented to illustrate how rent payments have grown relative to overall price increases; that said, the use of the Consumer Price Index (CPI) does create some challenges given the fact that housing represents a major chunk of consumer goods bundle used to calculate CPI. This reflects a methodological tradeoff between precision and accuracy and is a common concern when working with any commodity that is a major component of CPI itself.

United States CPI U: sa: Housing: Shelter: Rent of Primary Residence data was reported at 318.758 1982-1984=100 in Jun 2018. This records an increase from the previous number of 317.855 1982-1984=100 for May 2018. United States CPI U: sa: Housing: Shelter: Rent of Primary Residence data is updated monthly, averaging 178.650 1982-1984=100 from Jan 1981 (Median) to Jun 2018, with 450 observations. The data reached an all-time high of 318.758 1982-1984=100 in Jun 2018 and a record low of 84.700 1982-1984=100 in Jan 1981. United States CPI U: sa: Housing: Shelter: Rent of Primary Residence data remains active status in CEIC and is reported by Bureau of Labor Statistics. The data is categorized under Global Database’s USA – Table US.I006: Consumer Price Index: Urban: sa.

Rents for industrial real estate in the U.S. have increased since 2017, with flexible/service space reaching the highest price per square foot in 2024. In just a year, the cost of, flex/service space rose by nearly five U.S. dollars per square foot. Manufacturing facilities, warehouses, and distribution centers had lower rents and experienced milder growth. Los Angeles, Orange County, and Inland Empire, California, are some of the most expensive markets in the country. Office real estate is pricier Industrial real estate is far from being the most expensive commercial property type. For instance, average rental rates in major U.S. metros for office space are much higher than those for industrial space. This is most likely because office units are generally located in urban areas where there is limited space and thus higher demand, whereas industrial units are more suited to the outskirts of such urban areas. Industrial units, such as warehouses or factories, require much more space because they need to house large, heavy equipment or serve as a storage unit for future shipments. Big-box distribution space is gaining in importance Warehouses and distribution may currently command the lowest average rent per square foot among industrial space types, but the growing popularity of the asset class has earned it considerable gains over the past years. In 2021 and 2022, high occupier demand and insufficient supply led to soaring taking rent of big-box buildings. During that time, the vacancy rate of distribution centers fell below six percent. The development of industrial and logistics facilities has accelerated since then, with the new supply coming to market causing the vacancy rate to increase and the pressures on rent to ease.