The BLS’ New Tenant Rent Index fell 9.3% year-over-year through the end of Q2 2025. This data tracks what is happening with rents much closer to real time and tends to lead the shelter component of CPI (which tracks the rental market on a significant lag and uses a concerning amount of survey data).
If the CPI’s shelter component “catches down” to the New Tenant Rent Index it would provide significant downward pressure on CPI prints in the coming months.
Multifamily Market News 