【Zillow】Zillow: CPI Shelter Forecast, June 2025

We now forecast seasonally adjusted Owner’s Equivalent Rent (OER) will increase by 0.30% in June, a modest uptick from the 0.27% gain in May. We continue to forecast a 3.5% year-over-year increase in OER by the end of 2025, with an additional 2.3% increase anticipated in 2026.

Similarly, seasonally adjusted Rent of Primary Residence is projected to rise 0.28% in June, up from 0.21% in May. We forecast a 3.2% year-over-year increase in Rent of Primary Residence by year-end, followed by a 2.0% increase in 2026.

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