While the inflation rate has stabilized, it persists above the Federal Open Market Committee’s 2% target, with the cost of shelter continuing to pressure consumer wallets. Data released by the Bureau of Labor Statistics in October 2025 showed the overall Consumer Price Index up 3.0% year-over-year; however, the index for shelter rose 3.6% during that same period. Sustained rent prices remain a driving force behind these higher housing costs.
The dynamics of the rental market in recent years largely reflect simple supply and demand. In the years following the housing crash and Great Recession, the number of new housing construction projects plummeted and was slow to recover over the course of the 2010s. Around the same time, the Millennial generation—America’s largest, with more than 72 million members—began to reach adulthood, introducing greater demand in the market.
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