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Rents Still Increasing Sharply Year-over-year

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by Calculated Risk on 3/01/2022 12:44:00 PM

Today, in the Calculated Risk Real Estate Newsletter: Rents Still Increasing Sharply Year-over-year

A brief excerpt:

Here is a graph of the year-over-year (YoY) change for these measures since January 2015. All of these measures are through January 2022 (Apartment List through February 2022).

Note that new lease measures (Zillow, Apartment List) dipped early in the pandemic, whereas the BLS measures were steady. Then new leases took off, and the BLS measures are just starting to pick up.

The Zillow measure is up 15.9% YoY in January, down slightly from 16.0% YoY in December. And the ApartmentList measure is up 17.6% as of February, down slightly from 17.9% in January. Both the Zillow measure (a repeat rent index), and ApartmentList are showing a sharp increase in rents.

Clearly rents are still increasing, and we should expect this to continue to spill over into measures of inflation in 2022. The Owners’ Equivalent Rent (OER) was up 4.1% YoY in January, from 3.8% YoY in December – and will likely increase further in the coming months.

There is much more in the article. You can subscribe at https://calculatedrisk.substack.com/

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