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7/21/2021 12:22:00 PM Housing economist Tom Lawler has been tracking this, see: Lawler: Single-Family Rent Trends. This will likely push up Owner s Equivalent Rent (OER, a key component of CPI) in the coming months. U.S. single-family rent growth increased 6.6% in May 2021, the fastest year-over-year increase since at least January 2005[1], according to the CoreLogic Single-Family Rent Index (SFRI). The May 2021 increase was nearly four times the May 2020 increase. The index measures rent changes among single-family rental homes, including condominiums, using a repeat-rent analysis to measure the same rental properties over time. An uneven U.S. job recovery, sometimes called a “K-shaped” recovery, is reflected in the rent price growth of the low- and high-price rent tiers, with the increase in lower-priced rentals lagging behind that of higher-priced rentals. The low-price tier is defined as properties with rent prices less than 75% of the regional median, and the high-price

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