Rent up in St. Louis metro area from last year

With all the dramatic changes in the housing market and economy in general over the last year, it should come as little surprise that the rental market has been majorly impacted. The highly competitive housing market and uncertainty about future employment has caused many would-be homebuyers to choose rentals, leading to a rise in rent both nationally and here in St. Louis.

According to a recent report from Realtor.com that surveyed 50 of the country’s largest metro areas, the median rent in St. Louis as of March 2021 has risen 5.9% since the same time last year to $1,075.

Nationally, rent increased by 1.1%. This is much lower than the 3.2% yearly growth from March 2020. The most dramatic rise was in the New Orleans-Metairie metro area. The media rent there is now at $1,305, up 15.6%. On the flip side, the most dramatic decrease was seen in San Jose-Sunnyvale-Santa Clara, where rent went down 14.1%. The median rent is still at a staggering $2,685, however, making it still one of the most expensive areas in the country.

This increase in the cost of rent corresponds with the hot housing market. The median sales price on a home in St. Louis was $235,500 as of March, according to St. Louis Realtors, up 13.5% year over year. With the housing market increasingly competitive and expensive, more people have turned to renting instead.

Rent is also still directly feeling the effects of COVID and the lockdowns. Recently the CDC extended its national eviction moratorium to June 30. Locally, the moratorium was extended in the city of St. Louis up to May 3. In St. Louis County, the Circuit Court allowed evictions to resume last week, although local legislators are moving to restore the moratorium.

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