US rents rise 2.8% in the year to September 2026

Rent of primary residence rose 2.8% in the year to September 2026 while all-items inflation reached 3.7%, squeezing the real value of rental income.

The facts

• Rent of primary residence was up +2.8% in the twelve months to September 2026, and 0.2% on the month, seasonally adjusted.
• Owners' equivalent rent of residences rose 3.3% over the year and 0.3% on the month.
• The shelter index as a whole rose 3.2% over the year, climbing 0.4% in September after 0.3% in August.
• All items rose 3.7% over the year and 0.6% in September; prices excluding food and energy rose 2.6% over the year.
• Energy services rose 4.6% over the year, with electricity up 4.4% and utility gas service up 5.0%.
• Lodging away from home rose 4.4% over the year and 2.0% in September.

What it means for your money

• Rents paid are growing slower than prices, 2.8% against 3.7%. Monthly shelter growth sped up to 0.4%.
• Holding costs move the other way: electricity is 4.4% dearer over the year and piped gas 5.0% dearer, both ahead of what a sitting tenant pays.
• Landlords renewing leases this autumn feel the gap most. A nationwide index of newly advertised leases put the typical asking rent at USD 1,948 a month in August 2026, while tenants who stayed put saw 2.8%.

What to watch

• The October 2026 index is published on 10 November 2026 at 8:30 a.m. Eastern time.
• Shelter is measured from rents actually paid, renewals included, so it trails new-lease pricing; the monthly figure turns before the annual one.

Sources: US Bureau of Labor Statistics, Consumer Price Index September 2026, USDL-26-1574, released 14 October 2026 https://www.bls.gov/news.release/cpi.nr0.htm

Market data: New York (metro area) · Miami (metro area) · United States · Los Angeles (metro area)