Economy may be looking up, but rent is still high; Track changing rent prices in Buffalo

After an extended period of gloom, Americans are starting to feel better about inflation and the economy — a trend that could sustain consumer spending, fuel economic growth and potentially affect President Joe Biden’s political fortunes.

Even with the steady slowdown in inflation, prices are still nearly 17% higher than they were three years ago, a source of discontent for many Americans. Though some individual goods are becoming less expensive, overall prices will likely remain well above their pre-pandemic levels.

That dichotomy — a rapid fall in inflation with a still-elevated cost of living — will likely set up a key question in the minds of voters, many of whom are still feeling the lingering financial and psychological effects of the worst bout of inflation in four decades. Which will carry more weight in the presidential election: The dramatic decline in inflation or the fact that most prices are much higher than they were three years ago?

The cost to rent an apartment has also soared and is still rising faster than before the pandemic. Rental costs are up 6.5% from a year earlier, nearly twice the pre-pandemic pace. At their peak in early 2023, rents were rising nearly 9% annually.

Check out how rent prices have changed in Buffalo.