Rent priced at $1,000 in 2008 $1,626.32 in 2023

Rent Inflation Calculator


Prices for Rent, 2008-2023 ($1,000)

According to the U.S. Bureau of Labor Statistics, prices for rent of primary residence are 62.63% higher in 2023 versus 2008 (a $626.32 difference in value).

Between 2008 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 2008 would cost $1,626.32 in 2023 for an equivalent purchase. Compared to the overall inflation rate of 2.31% during this same period, inflation for rent was higher.

In the year 2008: Pricing changed by 3.66%, which is above the average yearly change for rent during the 2008-2023 time period. Compared to inflation for all items in 2008 (3.84%), 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%).

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Buying power of $1,000.00 since 2008

Below are calculations of equivalent buying power for Rent, over time, for $1,000 beginning in 2008. Each of the amounts below is equivalent in terms of what it could buy at the time:

YearUSD ValueInflation Rate

* 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:


Adjust rent prices for inflation

Start with the inflation rate formula:

CPI in 2023 / CPI in 2008 * 2008 USD value = 2023 USD value

Then plug in historical CPI values from above. The CPI for Rent of primary residence was 243.271 in the year 2008 and 395.637 in 2023:

395.637 / 243.271 * $1,000 = $1,626.32

Therefore, according to U.S. Bureau of Labor Statistics, $1,000 in 2008 has the same "purchasing power" as $1,626.32 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.

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