CPI rent regional trends and the impact of the COVID-19 pandemic

The Consumer Price Index (CPI) for rent of primary residence (rent) index measures the costs of shelter for renter-occupied housing. This article discusses movements in rents among the four U.S. census regions (West, Northeast, South, Midwest), from 2013 to 2023, with specific focus on how the COVID-19 pandemic affected previous regional trends. The pandemic affected rental inflation across the nation, but those impacts varied by region. Using contribution calculations, this article identifies and examines those impacts within each region. The COVID-19 pandemic led to significant increases in the cost of shelter. These increases were a major contributor to the national level of consumer inflation, with rent increases in 2022 accounting for nearly half of all consumer inflation, as measured by the Consumer Price Index (CPI).1 However, the change in rental costs has been larger in some places than in others. This article discusses movements in rents among the four U.S.