Media: 5% annual rent increase is a “surge”

Media: 5% annual rent increase is a “surge”

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That’s about 5% per year – and it’s a “surge”?

Household rents in 2021 jumped 10% from pre-pandemic levels, according to Census Bureau estimates released last week. The figures came as rising healthcare and rental costs pushed U.S. consumer prices up unexpectedly last month.

The data from the bureau’s annual American Community Survey put median U.S. rent at $1,037 in 2021, up from $941 in 2019. Year-over-year increases in the median household rent over the past decade were typically 2% or 3% – one exception was the 5% rise from 2018 to 2019.

Source: U.S. rents surge, leaving behind generation of younger workers

This year, overall (all goods and services) annual inflation or more accurately, devaluation of the purchasing power of a dollar) is estimated at 8-10%. Prices may increase faster in 2022 or 2023, in part because some areas have “rent price controls” tied to the CPI, such that prices may go up the year after the higher CPI.

The article does have one correction:

(Refiling to remove pronouns she and her in paragraphs 5-8)

There’s been a bit of “surge” in nonsense reporting.

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