Average room for rent cost in 2023
The average room for rent cost has increased 23% over the past year
In this latest edition of Roommates.com Labs, we explore the increase in rent over the past year for those looking for a roommate or room for rent.
We hear a lot these days about increasing costs and inflation, and we’ve all noticed the price increases at the store, when eating out, or when filling up our gas tank. According to the U.S. Bureau of Labor Statistics, the official inflation rate is 8.3% over the past year, meaning that just about everything has gotten more expensive.
Some examples of how different parts of our lives have gotten more expensive than others is shown in the chart below, listing the price increases in those categories over the past year:
- Food - Up 11%
- Gasoline - Up 25%
- Electricity - Up 16%
- Used Cars - Up 8%
- Clothes - Up 5%
Here at Roommates.com, we’re in a position to see real-world trends as they happen. Our members post tens of thousands of room-for-rent profiles every month, listing the cost of a spare room they wish to rent out to a quality roommate. As a result of this, we’re able to bring those raw numbers to you, our valued members, so you can see the trends that are affecting your daily life.
Unfortunately, in 2022 we saw increases in the cost of a room for rent across the board in the United States. In January of 2022, the average cost was $775, but in December of 2022 it jumped to $955, an increase of 23% over the past year.
The good news is that, as shown in the chart below, the majority of the cost increase was in the first half of 2022. The increase leveled off the second half of 2022 and continues to be relatively flat in January 2023.
And if you have a spare room you wish to rent out, your ability to get more for that room has increased as well. We know that many people help out their personal budget by getting a roommate or posting a room for rent in their home. Roommates.com is here to help both those who need a place and those who want to fill a vacancy.
In October of 2021 we posted an article on the 10 lowest-cost cities in the United States to rent a room, and we look forward to updating that soon to see how the market is changing for those looking to find a lower-cost place to live. We’re already seeing interesting data that we’re excited to share with you. Stay tuned to the Roommates.com Labs page for an update soon!