ZZumper’s rent data provides insights to where the Consumer Price Index (CPI) is heading
Produced monthly by the The Bureau of Labor Statistics (BLS), the Consumer Price Index (CPI) is a measure of the average change over time in the prices paid by urban consumers for goods and services, including rent. Since the Cost of Shelter CPI uses existing paid rents, among other data points, as part of its calculation, there is a lagging nature to the CPI’s shelter cost component. Zumper’s data, however, serves as a leading indicator of shelter cost as we measure true market rents.
The latest CPI data shows that the shelter index is up 3.6% year-over-year in August 2025, decelerating from July. Meanwhile, Zumper’s August National Rent Index recorded a 1% annual decline in median one-bedroom rent, marking a further softening from the prior month. Since CPI figures tend to lag real-time market shifts, the gradual cooling of both metrics signals easing inflationary pressure.
As of September 2025, the Federal Reserve cut interest rates for the first time this year, lowering its policy rate by 0.25%.
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