Rent Costs Up 3.7% in March, as Demand Continues to Outpace Supply

Washington, DC, April 15, 2016—The cost of rent rose 3.7% year-over-year in March, the Labor Department reported in its Consumer Price Index, marking the fourth straight month of significant rise.

Rent costs are increasing because demand outpaces supply.

“In the aftermath of the crisis and recession, more people across the age and income spectrum are renting, and that’s not going to change, analysts believe. In the last quarter of 2015, the homeownership rate fell again to near three-decade lows,” reports MarketWatch.