Missouri has had the largest annual rent increase, according to new data. St. Louis rose to the top too, with the second-largest median rent increase in any large city. The report, compiled by Rent.com, says this month brought “record breaking rent price for the Midwest.”
“We analyze every month, all the insights from tens of thousands of rental listings around the country,” said Kate Terhune, director of marketing for Rent.com. “Rent demand has been softening over the last 12 months, and I think that has a lot to do with increased rent prices that we've been seeing across the board.”
The data indicated the median price of rent is $1,209 in Missouri, an overall increase of 13% since last year. That’s the highest in the country, with New Hampshire in second place.
St. Louis saw the second-biggest change of any large city. With the median rent rising more than 17%, it’s up more than $320 since last year. Providence, Rhode Island, sits in first place with the largest year-over-year increase.
Still, rent’s rising faster in St. Louis. Data shows a 9.51% increase in month-over-month price — the biggest change indicated among 50 metro areas.
“Looking at the average rents in the Midwest, they definitely have seen quite the largest increase,” Terhune said. “In St. Louis, interestingly, there's actually a decrease of about 7% of available new units. So fewer units mean more renters are fighting for the same available units.”
According to data from the U.S. Department of Housing and Urban Development, there’s an even larger increase in most states. Apart from Iowa and North Dakota, rents have risen nationwide.
Data published by the department listed St. Louis as having the sixth-biggest change in rent from 2023 to 2024, at 21%. That places St. Louis at a lower ranking despite a higher percentage increase, meaning more states have even steeper prices than Rent.com reported.
“Based on feedback from a number of our communities across the nation, that is probably the No. 1 driver and the reason that we're seeing an uptick in homelessness right now, escalating rent prices,” said Brian Handshy, public affairs officer for HUD.
The department also reported that 12% more Americans faced homelessness in 2023. Some organizations that provide assistance for unhoused people are struggling to cover rent.
“I don't know if you see the pattern in rental costs in St. Louis, being jacked up, like it's going higher and higher each year,” said Rich LaPlume, St. Louis site director of DePaul USA. “It’s a huge issue right now.”
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