St. Louis has long boasted a very affordable entry level real estate market in terms of both rent and single-family homes. Over the last year, that has begun to change. Recent data show that the average cost to rent in the St. Louis metro area rose notably in 2020.
According to research from Zumper, the average rent on a 1-bedroom apartment rose by 22% in St. Louis from last January, while the average rent on a 2-bedroom apartment went up 9.60% in the same period. As it currently stands, a 1-bedroom apartment in St. Louis costs on average $1,000 per month. The average rent on a 2-bedroom apartment come in at $1,260 per month.
In Zumper’s survey, St. Louis is tied with Indianapolis, Phoenix, and Salt Lake City as 61 on the list of the 100 largest metro areas. There are certainly plenty of much more expensive metro areas out there. Nearby Nashville, for instance, ranks at 32 with an average monthly rent of $1,250. This still is quite a significant jump and reflects how much the local real estate market has changed in the last year.
This upward trend in rent shows signs of continuing into 2021, as St. Louis becomes a more desirable destination. Combined with the current historically low interest rates on fixed mortgages, it might be a good time to start looking at the single-family home market.
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