Rent price inflation, 2021→2024

Rent Inflation Calculator

Prices for Rent, 2021-2024 ($1,000)

According to the U.S. Bureau of Labor Statistics, prices for rent of primary residence are 19.68% higher in 2024 versus 2021 (a $196.78 difference in value).

Between 2021 and 2024: Rent experienced an average inflation rate of 6.17% per year. This rate of change indicates significant inflation. In other words, rent costing $1,000 in the year 2021 would cost $1,196.78 in 2024 for an equivalent purchase. Compared to the overall inflation rate of 4.93% during this same period, inflation for rent was higher.

In the year 2021: Pricing changed by 2.25%, which is significantly below the average yearly change for rent during the 2021-2024 time period. Compared to inflation for all items in 2021 (4.70%), 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
College tuition and fees · Rent of primary residence · Food · Chicago, Illinois · More

Buying power of $1,000.00 since 2021

Below are calculations of equivalent buying power for Rent, over time, for $1,000 beginning in 2021. Each of the amounts below is equivalent in terms of what it could buy at the time:

Year	USD Value	Inflation Rate
2021	$1,000.00	2.25%
2022	$1,060.33	6.03%
2023	$1,144.67	7.95%
2024	$1,196.78	4.55%*

* 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	417.837

Adjust rent prices for inflation

Start with the inflation rate formula:

CPI in 2024 / CPI in 2021 * 2021 USD value = 2024 USD value

Then plug in historical CPI values from above. The CPI for Rent of primary residence was 349.135 in the year 2021 and 417.837 in 2024:

417.837 / 349.135 * $1,000 = $1,196.78

Therefore, according to U.S. Bureau of Labor Statistics, $1,000 in 2021 has the same "purchasing power" as $1,196.78 in 2024 (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.