{"id":2004592,"date":"2023-08-18T07:23:04","date_gmt":"2023-08-18T11:23:04","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/rents-rose-again-in-july-putting-upward-pressure-on-inflation\/"},"modified":"2023-08-18T07:24:46","modified_gmt":"2023-08-18T11:24:46","slug":"rents-rose-again-in-july-putting-upward-pressure-on-inflation","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/rents-rose-again-in-july-putting-upward-pressure-on-inflation\/","title":{"rendered":"July saw another increase in rents, driving inflation higher."},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"&quot;\"><div class=\"counts mashsbcount\">18<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Frents-rose-again-in-july-putting-upward-pressure-on-inflation%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=2004592&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><h2>Nationwide Rents Rise, Putting Pressure on Inflation<\/h2>\n<p>Nationwide rents\u200c rose in July, suggesting that the rental market is still putting upward pressure on overall inflation. According to\u200c a new report from Rent.com, rent prices \u200cincreased by \u2063less than half a percentage \u2064point from the previous month. The <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/u-s-homeless-population-sees-record-spike\/\" title=\"Homeless population in the U.S. hits all-time high.\">national median rent price<\/a>\u200b now stands at $2,038, just $15 shy of\u200d the record\u2062 set in August 2022.<\/p>\n<h3>Surprising Message from Jobless Claims Numbers<\/h3>\n<p>On an\u200c annual basis, rent prices in July saw a modest increase of 0.3%. This rise in rent prices has surprised economists who had expected the United States to experience an economic slump or even a\u200c recession this summer following the Federal Reserve&#8217;s <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/federal-reserve-chair-no-interest-rate-hikes-until-inflation-spike\/\" title=\"Federal Reserve Chair: No interest rate hikes until inflation spike\">interest rate hikes<\/a>.<\/p>\n<p>The report predicts that if rents continue to rise at the current average rate, August will set a new record \u2064for U.S.\u2064 rent prices.<\/p>\n<p>While rents did increase last month, the \u2062pace was not \u2064as rapid as in previous years when the Fed lowered interest rates to near zero during the pandemic. Since the start of the pandemic, renting\u200b costs have surged by 25%, adding an\u2063 average of $400 per month to the budgets of Americans already facing higher \u2064grocery and energy prices.<\/p>\n<p>Higher rents have contributed to the surging\u200d inflation of the past two years, with rent accounting for \u2064approximately 7% of the consumer price index.<\/p>\n<blockquote>\n<p>\u201cBroad trends across the industry including an influx of new inventory and demand below seasonal norms \u2064have worked to slow rent growth to below-normal rates,\u201d the\u2063 report said. \u201cPrices even dipped negative year over \u200cyear in May. But rents continue to be elevated in the longer term.\u201d<\/p>\n<\/blockquote>\n<p>States in the South \u200dand Midwest \u2064experienced the highest year-over<a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/rents-rose-again-in-july-putting-upward-pressure-on-inflation\/\" title=\"July saw another increase in rents, driving inflation higher.\">-year rental price \u2063growth<\/a>, with the exception of New York, which saw a 13% increase in rents over the past year. South Dakota had the largest annual increase,\u2063 with rents skyrocketing by 22.6%. Mississippi and Iowa \u2064also saw significant \u200bprice \u200dincreases of 22.4% and 14.3%, respectively.<\/p>\n<p>However, just over \u200ba dozen states saw annual declines in rent\u200b prices. Washington State experienced the steepest drop with a 7.7% decrease, followed by Pennsylvania and Oregon with declines of over 5% in the past year.<\/p>\n<p>The growth in rental\u2063 prices coincides with mortgage rates reaching their highest levels in over 20 years. As of Thursday, the average rate on a <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/employment-growth-slowing-with-187000-jobs-added-in-july\/\" title=\"Job growth in July saw a slowdown, with only 187,000 new jobs added.\">30-year\u200d fixed-rate mortgage<\/a> was 7.09%, more than double the <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/mortgage-rates-climb-to-highest-level-since-2002\/\" title=\"Mortgage rates reach 2002's peak.\">pre-interest rate hike average<\/a>,\u2064 according to Freddie Mac.<\/p>\n<p>Despite the high rates, many economists and investors do not anticipate further rate hikes from the \u200bcentral bank this year, which is good\u200c news for home buyers as additional hikes could push mortgage rates even higher. According to CME Group\u2019s FedWatch tool, 89% of investors believe the Fed will maintain steady rates at its next\u2063 meeting in September.<\/p>\n<p>Most investors and Fed watchers do not \u200bexpect the central \u200bbank to \u2062begin cutting rates in the coming \u2063months. However, there is \u2063speculation that\u2063 the Fed may start loosening its monetary policy in\u200d early 2024.<\/p>\n<p><a href=\"https:\/\/www.washingtonexaminer.com\/\">Click here<\/a> to read more from The Washington Examiner.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Nationwide rents increased in July, indicating continued inflationary impact on the rental market. Rent.com&#8217;s recent report revealed a less than 0.5% rise in rent prices compared to the previous month. The current national median rent price stands at $2,038, a mere $15 difference.<\/p>\n","protected":false},"author":1,"featured_media":2004593,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","fifu_image_alt":"","footnotes":""},"categories":[538],"tags":[],"class_list":["post-2004592","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-washington-examiner"],"fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/2004592","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=2004592"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/2004592\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/2004593"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=2004592"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=2004592"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=2004592"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}