Rent priced at $1,000 in 1988 $3,110.38 in 2023

Rent Inflation Calculator

$

Prices for Rent, 1988-2023 ($1,000)

According to the U.S. Bureau of Labor Statistics, prices for rent of primary residence are 211.04% higher in 2023 versus 1988 (a $2,110.38 difference in value).

Between 1988 and 2023: Rent experienced an average inflation rate of 3.30% per year. This rate of change indicates significant inflation. In other words, rent costing $1,000 in the year 1988 would cost $3,110.38 in 2023 for an equivalent purchase. Compared to the overall inflation rate of 2.74% during this same period, inflation for rent was higher.

In the year 1988: Pricing changed by 3.81%, which is above the average yearly change for rent during the 1988-2023 time period. Compared to inflation for all items in 1988 (4.08%), inflation for rent was lower.

Price Inflation for Rent of primary residence since 1913

Consumer Price Index, U.S. Bureau of Labor Statistics
Years with the largest changes in pricing: 1920 (18.42%), 1933 (-13.48%), and 1921 (13.30%).

View price changes for other categories
Televisions · Legal services · Indoor plants and flowers · Fresh fruits · More

Buying power of $1,000.00 since 1988

Below are calculations of equivalent buying power for Rent, over time, for $1,000 beginning in 1988. Each of the amounts below is equivalent in terms of what it could buy at the time:

YearUSD ValueInflation Rate
1988$1,000.003.81%
1989$1,038.873.89%
1990$1,082.684.22%
1991$1,121.073.55%
1992$1,149.172.51%
1993$1,176.002.34%
1994$1,204.712.44%
1995$1,234.192.45%
1996$1,266.862.65%
1997$1,303.752.91%
1998$1,346.053.24%
1999$1,388.353.14%
2000$1,438.713.63%
2001$1,502.804.45%
2002$1,561.893.93%
2003$1,607.622.93%
2004$1,650.702.68%
2005$1,700.102.99%
2006$1,760.763.57%
2007$1,835.754.26%
2008$1,902.963.66%
2009$1,946.302.28%
2010$1,950.790.23%
2011$1,984.051.71%
2012$2,036.692.65%
2013$2,094.242.83%
2014$2,160.243.15%
2015$2,237.453.57%
2016$2,321.843.77%
2017$2,410.413.81%
2018$2,497.603.62%
2019$2,590.173.71%
2020$2,671.093.12%
2021$2,731.062.25%
2022$2,895.836.03%
2023$3,110.387.41%*

* Not final. See inflation summary for latest details.
** Extended periods of 0% inflation usually indicate incomplete underlying data. This can manifest as a sharp increase in inflation later on.


Raw Consumer Price Index data from U.S. Bureau of Labor Statistics for Rent of primary residence:

Year191319141915191619171918191919201921192219231924192519261927192819291930193119321933193419351936193719381939194019411942194319441945194619471948194919501951195219531954195519561957195819591960196119621963196419651966196719681969197019711972197319741975197619771978197919801981198219831984198519861987198819891990199119921993199419951996199719981999200020012002200320042005200620072008200920102011201220132014201520162017201820192020202120222023
CPI21.00021.00021.15021.35021.10021.75023.70028.06731.80032.40033.34034.44034.56734.13333.56732.76732.00031.06729.30025.96722.46721.33321.40021.90022.98023.68023.70023.75724.15424.69224.69224.74524.82024.98025.79227.50028.69229.75430.92332.21533.90835.11535.60836.26236.96237.63838.17738.73839.23139.71540.11540.53140.93141.49242.23843.25444.65446.50048.65450.33152.52355.15458.00061.13864.81569.27774.33880.91587.93894.623100.092105.292111.762118.277123.146127.838132.808138.408143.315146.908150.338154.008157.777161.954166.669172.077177.485183.923192.115199.669205.515211.023217.338225.092234.679243.271248.812249.385253.638260.367267.725276.162286.032296.820308.143319.289331.124341.468349.135370.199397.627

Adjust rent prices for inflation

Start with the inflation rate formula:

CPI in 2023 / CPI in 1988 * 1988 USD value = 2023 USD value

Then plug in historical CPI values from above. The CPI for Rent of primary residence was 127.838 in the year 1988 and 397.627 in 2023:

397.627 / 127.838 * $1,000 = $3,110.38

Therefore, according to U.S. Bureau of Labor Statistics, $1,000 in 1988 has the same "purchasing power" as $3,110.38 in 2023 (in the CPI category of Rent of primary residence).


Source: U.S. Bureau of Labor Statistics began tracking the Consumer Price Index for Rent of primary residence in 1913. In addition to rent, the index produces monthly data on changes in prices paid by urban consumers for a variety of goods and services.

» Read more about inflation and investment.