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Rents Still Increasing Sharply Year-over-year

by Calculated Risk on 4/06/2022 10:39:00 AM

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 February 2022 (Apartment List through March 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 picking up.

The Zillow measure is up 17.0% YoY in February, up from 16.2% YoY in January. And the ApartmentList measure is up 17.1% as of March, down from 17.7% in February. 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 4.3% YoY in February, from 4.1% YoY in January – and will likely increase further in the coming months.

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