Across the country, renters looking for new homes are facing dizzying double-digit rent increases. But you wouldn’t know it from the official federal tally of inflation data.
In the last eight months, the rate of change in annual rental costs for new tenants has more than doubled, reaching its highest level on record, according to data from the Bureau of Labor Statistics reviewed by The Times. The data, which are not in the public domain, show a starkly different picture for existing tenants — those who are renewing their leases instead of moving into a new apartment — suggesting that the cost of housing may continue to climb, despite some indicators to the contrary.
And with housing representing both the biggest contributor to core inflation and a lagging indicator, the recent escalation of rents points to overall inflation continuing to rise even as it shows signs of retreating in other sectors.
Somesh Jha | LA Times