According to the U.S. Bureau of Labor Statistics, prices for rent of primary residence were 23.01% higher in 2020 versus 2014 (a $230.08 difference in value).
Between 2014 and 2020: Rent experienced an average inflation rate of 3.51% per year. This rate of change indicates significant inflation. In other words, rent costing $1,000 in the year 2014 would cost $1,230.08 in 2020 for an equivalent purchase. Compared to the overall inflation rate of 1.45% during this same period, inflation for rent was higher.
In the year 2014: Pricing changed by 3.15%, which is below the average yearly change for rent during the 2014-2020 time period. Compared to inflation for all items in 2014 (1.62%), inflation for rent was higher.
Raw Consumer Price Index data from U.S. Bureau of Labor Statistics for Rent of primary residence:
Below are calculations of equivalent buying power for Rent, over time, for $1000 beginning in 2014. Each of the amounts below is equivalent in terms of what it could buy at the time:
|Year||USD Value||Inflation Rate|