Rents across the nation took their largest monthly jump since 1986 according to the U.S Bureau of Labor Statistics.
June rents spiked 0.8% totaling 5.8% year-over-year. According to BLS, all-items inflation for the month of June registered a 1.3% spike, and 9.1% YOY which is also unprecedented since 1981.
In addition, Apartment List reports its national rental index having risen by 1.3% in June which is equal to the movement in May. Although rents are growing slower than in 2021, they are still increasing faster than pre-pandemic years.
This time last year, 666,000 units were under construction compared to the 822,000 new multifamily units under construction this year, which will have further impact on market rents.