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St. Louis rents have risen sharply

The increase in rental prices comes as home values are still at their highest level in decades

ST. LOUIS — Median rents for single-family units in the St. Louis area rose sharply during the pandemic, new reports say.

St. Louis renters paid median monthly rent of $1,145 in May, up 9.6% year-over-year, according to a report from real estate listings website Realtor.com. Nationally, median rents rose 5.5% year-over-year to an average $1,527, Realtor.com said.

Other reports showed similar trends.

Stessa, an app that tracks rental property performance, reported that the median cost of rent in St. Louis rose 4% from March 2020 to March this year, to $1,188.

And Zillow, the online real estate marketplace, said that typical local rents were $1,207 in May, up 6.3% year-over-year and 1.9% since April. It called those "record growth figures in Zillow data going back through 2014."

The increase in rental prices comes as home values are still at their highest level in decades, though inventory is beginning to increase.

The Realtor.com researchers examined rental data as of May 2021. Rental units include apartment communities as well as private rentals (condos, townhomes and single-family homes). All units were studio, one-bedroom or two-bedroom units. National rents were calculated by averaging the medians of the 50 largest metropolitan areas.

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