ST. LOUIS, Mo. – A report from apartment listing site Zumper says that rents in St. Louis are up 22 percent since this time last year. The finding is from their National Rent Report that combines data from one million active listings in 100 cities.
St. Louis is the 61st most expensive rental market in the country but rents jumped by some of the highest rates nationally. The only other market to see a jump that high was Indianapolis. Detroit and Spokane also had significant spikes in rent prices.
Zumper says that rents for one-bedroom apartments remained flat nationally. Average rental prices for cities in the top ten markets were actually down significantly when compared to last year. New York, San Fransico , Boston, and other top ten markets saw declines well over 15 percent.
“The incredible growth of places like Newark and the resilience of places like San Diego can likely be attributed to renters flocking to these places from nearby, hyper-expensive markets, like New York City and Los Angeles, respectively, in this case,” Neil Gerstein writes in Zumper’s National Rent Report.
Rent for a one-bedroom apartment in San Francisco averaged $3,500 in January 2020. It is now down 24 percent to $2,660. However, rent in St. Louis now averages at $1,000. It was around $820 in January 2020.