【Zillow】ZORI and Shelter CPI: Less of a Lag, More of a Drag

• If on-market rent growth stopped completely, CPI shelter would still take another two years to reach a 2% annualized growth rate.
• Renters merely moving, and switching from “off” to newly much higher “on” market rents, can keep monthly growth in shelter CPI, a measure that captures them both, elevated long after any market pressure has dissipated.

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