Rental prices in metropolitan areas like Phoenix, Arizona, and Dallas saw the biggest jump in July, with median rent payments rising over 10% from the prior year last month.
this year as would-be homebuyers are priced out of the market amid rising interest rates and elevated home prices.July's inflation report showed shelter costs — which make-up about one-third of the weight in the consumer price index — rose 0.5% from June and 5.7% from last year, the most since 1991.
Rental vacancies in the South have dropped sharply since 2019, though the Northeast still has the lowest overall availability for renters. This data differs from the median rent payment in Los Angeles and New York — where rental costs in July increased by 3% and 4% year-over-year, respectively. But the median rent payments for Bank of America customers might not capture real effective rent payment.
Another notable data quirk the firm notes is that for Bank of America customers, rent payments have risen 5%, less than what broader data suggests. The firm notes this likely reflects a customer base that skews older, as rent payment increases have been inversely correlated with a renter's age in the last year.
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