Owners' Equivalent Rent

CPI for All Urban Consumers - Owners' Equivalent Rent of Primary Residence

View on FRED · CUSR0000SEHC01 ↗

445.19

yoy

▲ 3.26%

120 obs · monthly · index── 1y ago 431.13

What it is

BLS's imputed rent for owners. Biggest component of core CPI — Fed watches this closely.

source: FRED
frequency: monthly
units: index
s.a.: yes

What it’s telling us · as of 2026-09-01

OER is at 445.195, up 3.26% year-over-year—a meaningful deceleration from the 4-5% prints the Fed was battling in 2024. The monthly creep is still there (up 1.5 points since February), but the slope has flattened enough that core CPI is no longer running away from the Fed's 2% target on housing alone. For your carry math, the signal is that the era of double-digit rent growth is definitively over; if you're underwriting new leases, pencil in low-single-digit annual pushes, not the mid-threes you might've seen two years back.

⟡ auto-generated weekly · claude-haiku-4-5 · reviewed before publish

Related metrics

Get the data

Python · fredapi

"""
Owners' Equivalent Rent — BLS's imputed rent for owners. Biggest component of core CPI — Fed watches this closely.
Freq: monthly · Source: FRED
"""
from fredapi import Fred

fred = Fred(api_key="YOUR_FRED_API_KEY")
series = fred.get_series("CUSR0000SEHC01")
print(series.tail())

LLM prompt

You are analyzing FRED series CUSR0000SEHC01 — CPI for All Urban Consumers - Owners' Equivalent Rent of Primary Residence.

Context: BLS's imputed rent for owners. Biggest component of core CPI — Fed watches this closely.

Attributes
- Units: index
- Frequency: monthly
- Source: FRED

Latest observation: 445.19 as of 2026-09-01
Year-over-year change: +3.26%

Analyze this metric for a tech-forward real estate investor with 1–3 properties. What is it signaling right now? What should I watch next?