Rental prices across the United States have surged rapidly in the past two years. Unfortunately, incomes have failed to match these increases, causing renters to spend a more significant percentage of their earnings on rent than they did before the pandemic. Many renters are struggling to manage their finances due to the increasing rental prices across the country.
According to the Bureau of Labor Statistics (BLS), the average rental price went up by half a percent in September, resulting in a 7.4 percent year-over-year increase in prices. Unfortunately, incomes are not rising at the same rate, which means that many tenants are now spending more of their income on rent. However, the Kansas City Fed has reported that the real estate web platform Zillow has tracked an average rental price increase that is twice as high as that tracked by the BLS. This discrepancy highlights that differences in methodologies can lead to very different stories describing the ongoing fluctuations in the rental market.
Both Zillow and the Bureau of Labor Statistics (BLS) measure rental prices.
— Kansas City Fed (@KansasCityFed) October 15, 2023
The Zillow series tends to be more volatile and leads the BLS series by around 6 to 10 months.
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