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MNI BRIEF: BLS's New Tenant Rent Index Sees Further Drop in 1Q

(MNI) WASHINGTON

The rent component of the official CPI lags measures of market rents.

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The Bureau of Labor Statistics' New Tenant Rent Index fell further in the first quarter of the year to the smallest increase since 2010, and suggesting continued disinflation for the rent component of CPI later this year and next.

The index, which only includes data on the first survey observation after new tenants move into their sampled housing units, showed new tenant rents rose 0.4% in the first quarter, down from 0.9% in the fourth quarter of 2023, revised up from an initial reading of -4.7% in January. Pre-Covid readings of the new tenant rent index were generally around 3%. It peaked at 12% in the second quarter of 2022.

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The Bureau of Labor Statistics' New Tenant Rent Index fell further in the first quarter of the year to the smallest increase since 2010, and suggesting continued disinflation for the rent component of CPI later this year and next.

The index, which only includes data on the first survey observation after new tenants move into their sampled housing units, showed new tenant rents rose 0.4% in the first quarter, down from 0.9% in the fourth quarter of 2023, revised up from an initial reading of -4.7% in January. Pre-Covid readings of the new tenant rent index were generally around 3%. It peaked at 12% in the second quarter of 2022.

Keep reading...Show less