Housing is this year’s hottest commodity, with median home prices rising dramatically in a highly competitive seller’s market. While rental prices have not gotten the same level of attention as single-family homes, rent has also risen significantly in the St. Louis Metro over the last twelve months.
According to data from the site, RENTcafe the cost of rental properties has risen throughout the region over the last year. In the city of St. Louis, rent rose 1.9% year over year as of April 2021 to an average rent of $979.
The year over year statistics vary significantly in different neighborhoods and parts of the region. Average rental prices in St. Charles rose by 4.6%, while in O’Fallon they rose 5.8%. The average rent in these cities is currently $1,041 and $1,132 respectively.
Some areas saw even more dramatic increases, with average rent rising by 8.1% in St. Peters to $1,181. The highest percentage increase in the period was in St. Ann, where the rent rose 8.4% year over year to an average of $783.
Creve Coeur was the only area surveyed to see a decrease in rental prices. Rent there dropped -1.7% to an average of $1,191.