Between 2013 and 2023, US household expenditure on housing rentals increased steadily, starting at $415.42 billion in 2013 and reaching $623.82 billion in 2023. This period showed significant spikes in expenditure growth in 2018 (5.01%) and 2021 (6.39%). The 5-year CAGR leading up to 2023 averaged 4.82%, indicating robust and consistent growth in household spending on rentals.

From 2024 onwards, this expenditure is forecasted to continue its upward trajectory, hitting $758.83 billion by 2028, with a forecasted 5-year CAGR of 3.1%. This translates to a 16.5% growth over these five years. While the growth rate is slightly subdued compared to the previous decade, the consistent rise suggests strong demand in the housing rental market.

Future trends to watch for:

Potential economic fluctuations impacting household incomes and rental affordability
Changes in housing policies or rental market regulations
Population growth and urbanization driving demand for rental properties
Shifts in consumer preferences towards rental over home ownership