ST. LOUIS – New research shows that rent has jumped nearly 10% in St. Louis over the past year, one of the largest increases among major metropolitan areas nationwide.
Redfin, a Seattle-based real estate company, revealed such findings in its October rental market tracker. The report found that the median St. Louis rent increased 9.5% from the same time last year, the 15th highest spike among 50 U.S. metros surveyed. As of late-October, St. Louis’ median rent is $1,584.
It’s also worth noting, in Redfin’s five previously monthly assessments this year, St. Louis’ median rent had not jumped more than 6% in a year-over-year period.
To determine such rankings, Redfin analyzed data from more than 20,000 apartment buildings in the United States via Rent.com. The prices revealed in the report reflect the current costs of new leases during each time period, not the median of what all renters are currently paying.
Nationally, the median rent has jumped nearly 7.8% over the past year. Though there have been some drops in recent month-to-month periods, including a 0.9% overall decrease from September to October. Experts say it could soon mean some relief for renters in St. Louis and elsewhere.
“Demand for rentals is slowing because economic uncertainty is prompting many renters to stay put, and persistent inflation is shrinking renter budgets. That’s causing rent growth to cool,” said Redfin Deputy Chief Economist Taylor Marr in the report. “There are signs that inflation is starting to ease, but it will likely be a while before renters see meaningful relief given that rents are still up more than wages.”
Oklahoma City saw the largest rent increase, nearly 32%, over the past year. Milwaukee saw a notable decrease in rent over the past year with prices dropping 17.6%, per the report.