According to the U.S. Bureau of Labor Statistics, prices for rent of primary residence are 143.68% higher in 2024 versus 1998 (a $1,436.84 difference in value).
Between 1998 and 2024: Rent experienced an average inflation rate of 3.49% per year. This rate of change indicates significant inflation. In other words, rent costing $1,000 in the year 1998 would cost $2,436.84 in 2024 for an equivalent purchase. Compared to the overall inflation rate of 2.55% during this same period, inflation for rent was higher.
In the year 1998: Pricing changed by 3.24%, which is below the average yearly change for rent during the 1998-2024 time period. Compared to inflation for all items in 1998 (1.55%), inflation for rent was higher.
Below are calculations of equivalent buying power for Rent, over time, for $1,000 beginning in 1998. Each of the amounts below is equivalent in terms of what it could buy at the time:
| Year | USD Value | Inflation Rate |
|---|---|---|
| 1998 | $1,000.00 | 3.24% |
| 1999 | $1,031.43 | 3.14% |
| 2000 | $1,068.84 | 3.63% |
| 2001 | $1,116.45 | 4.45% |
| 2002 | $1,160.35 | 3.93% |
| 2003 | $1,194.32 | 2.93% |
| 2004 | $1,226.33 | 2.68% |
| 2005 | $1,263.03 | 2.99% |
| 2006 | $1,308.09 | 3.57% |
| 2007 | $1,363.80 | 4.26% |
| 2008 | $1,413.73 | 3.66% |
| 2009 | $1,445.93 | 2.28% |
| 2010 | $1,449.27 | 0.23% |
| 2011 | $1,473.98 | 1.71% |
| 2012 | $1,513.08 | 2.65% |
| 2013 | $1,555.84 | 2.83% |
| 2014 | $1,604.87 | 3.15% |
| 2015 | $1,662.23 | 3.57% |
| 2016 | $1,724.93 | 3.77% |
| 2017 | $1,790.73 | 3.81% |
| 2018 | $1,855.50 | 3.62% |
| 2019 | $1,924.28 | 3.71% |
| 2020 | $1,984.39 | 3.12% |
| 2021 | $2,028.95 | 2.25% |
| 2022 | $2,151.36 | 6.03% |
| 2023 | $2,322.46 | 7.95% |
| 2024 | $2,436.84 | 4.92%* |
* 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:
| Year | 1913 | 1914 | 1915 | 1916 | 1917 | 1918 | 1919 | 1920 | 1921 | 1922 | 1923 | 1924 | 1925 | 1926 | 1927 | 1928 | 1929 | 1930 | 1931 | 1932 | 1933 | 1934 | 1935 | 1936 | 1937 | 1938 | 1939 | 1940 | 1941 | 1942 | 1943 | 1944 | 1945 | 1946 | 1947 | 1948 | 1949 | 1950 | 1951 | 1952 | 1953 | 1954 | 1955 | 1956 | 1957 | 1958 | 1959 | 1960 | 1961 | 1962 | 1963 | 1964 | 1965 | 1966 | 1967 | 1968 | 1969 | 1970 | 1971 | 1972 | 1973 | 1974 | 1975 | 1976 | 1977 | 1978 | 1979 | 1980 | 1981 | 1982 | 1983 | 1984 | 1985 | 1986 | 1987 | 1988 | 1989 | 1990 | 1991 | 1992 | 1993 | 1994 | 1995 | 1996 | 1997 | 1998 | 1999 | 2000 | 2001 | 2002 | 2003 | 2004 | 2005 | 2006 | 2007 | 2008 | 2009 | 2010 | 2011 | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 |
| CPI | 21.000 | 21.000 | 21.150 | 21.350 | 21.100 | 21.750 | 23.700 | 28.067 | 31.800 | 32.400 | 33.340 | 34.440 | 34.567 | 34.133 | 33.567 | 32.767 | 32.000 | 31.067 | 29.300 | 25.967 | 22.467 | 21.333 | 21.400 | 21.900 | 22.980 | 23.680 | 23.700 | 23.757 | 24.154 | 24.692 | 24.692 | 24.745 | 24.820 | 24.980 | 25.792 | 27.500 | 28.692 | 29.754 | 30.923 | 32.215 | 33.908 | 35.115 | 35.608 | 36.262 | 36.962 | 37.638 | 38.177 | 38.738 | 39.231 | 39.715 | 40.115 | 40.531 | 40.931 | 41.492 | 42.238 | 43.254 | 44.654 | 46.500 | 48.654 | 50.331 | 52.523 | 55.154 | 58.000 | 61.138 | 64.815 | 69.277 | 74.338 | 80.915 | 87.938 | 94.623 | 100.092 | 105.292 | 111.762 | 118.277 | 123.146 | 127.838 | 132.808 | 138.408 | 143.315 | 146.908 | 150.338 | 154.008 | 157.777 | 161.954 | 166.669 | 172.077 | 177.485 | 183.923 | 192.115 | 199.669 | 205.515 | 211.023 | 217.338 | 225.092 | 234.679 | 243.271 | 248.812 | 249.385 | 253.638 | 260.367 | 267.725 | 276.162 | 286.032 | 296.820 | 308.143 | 319.289 | 331.124 | 341.468 | 349.135 | 370.199 | 399.643 | 419.324 |