Small business rent inflation reached 9.1% of total payments in May, up from 5.9% in 2019; Las Vegas exceeded the national average.
Small business rent inflation remains a significant challenge, with Bank of America Institute data showing the average monthly share of rent in total payments increased to 9.1% in May, up from 5.9% in 2019. In Las Vegas, the average rent share in May exceeded double the national average. However, the Institute noted that easing wage inflation has provided some relief, with total nonfarm payroll growth strongest in the South, and payroll payments increasing by over 30% in cities like Charlotte and Tampa.
July 09, 2024
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