Official rent inflation is 2.78% year over year (CPI rent of primary residence, September 2026) and owners' equivalent rent 3.28%; together they are about a third of the CPI. Nowflation's all-tenant rent index — this month's new-lease rents (Zillow, Apartment List) averaged over every lease still in force, what the renting population actually pays — reads 1.97%, with raw new-lease rents at 2.21%. The BLS reprices each unit in its rent panel only every six months, so the official line blends leases signed up to a year ago; the market line turns first, and the gap between them is the single biggest reason the Nowflation CPI Gauge and the CPI differ.
| Measure | YoY | Level | As of | Source |
|---|---|---|---|---|
| Nowflation all-tenant rent index | 1.97% | — | October 23, 2026 | Nowflation (Zillow ZORI, Apartment List) |
| CPI rent of primary residence (SA) | +2.8% | 450.43 | September 2026 | FRED |
| CPI owners' equivalent rent (SA) | +3.3% | 445.27 | September 2026 | FRED |
| Zillow Observed Rent Index (US, $/mo) | +2.9% | 1,931.94 | September 2026 | Zillow Research |
| BLS new-tenant rent index (R-CPI-NTR, 4-quarter %) | +1.2% | — | 2025 Q3 (latest published; the BLS paused both indexes in April 2026) | BLS research index |
| BLS all-tenant regressed rent (R-CPI-ATR, 4-quarter %) | +2.9% | — | 2025 Q3 (latest published; the BLS paused both indexes in April 2026) | BLS research index |
Where it goes from here: the daily reading and every input are on the shelter category gauge; how the all-tenant index is built and how far it runs ahead of the official series is tested on the lead test; buy-vs-rent and the payment by metro are on the housing hub and metro pages; the official rent and OER series are downloadable from the series pages.
The official CPI rent of primary residence index is up 2.78% year over year for September 2026, and owners' equivalent rent (OER) 3.28%. Nowflation's all-tenant rent index — what the renting population pays this month, measured from new-lease rents averaged over every lease in force — reads 1.97%, with raw new-lease rents at 2.21%.
The BLS reprices each unit in its rent panel only every six months, so the official rent index blends leases signed up to a year ago, and OER is imputed from that same panel. Market indexes (Zillow ZORI, Apartment List) price this month's new leases — the marginal tenant — which is why they turn a year or more before the CPI shelter line does.
New-lease rents (Zillow ZORI 80%, Apartment List 20%) averaged over the trailing 48 months with weights that decay at the lease turnover rate (about 5% a month), so it measures what every tenant pays rather than only the one signing this month. Used as measured in the Gauge; on the record it runs about 5 months ahead of the official rent index, a lead tested on the lead-test page rather than built into the number.
Zillow's Observed Rent Index puts the typical US asking rent at $1,932 a month for September 2026, +2.9% from a year earlier. At the latest Freddie Mac 30-year rate, 7.32% (October 22, 2026), the principal-and-interest payment on the typical home (20% down, September 2026 Zillow home value) is $2,012, so buying costs 4.2% more per month than renting before property taxes, insurance and upkeep.
The CPI for October 2026 is scheduled to be released on November 10, 2026 at 8:30 A.M. Eastern Time. The rent and OER subindexes update with that release; the all-tenant rent index updates monthly as Zillow and Apartment List publish, and the Gauge carries it daily.
Zillow data: Data Provided by Zillow Group.