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Study shows rising rent prices in Missouri

COLUMBIA, Mo. (KMIZ)

Rental prices nationwide have soared over the past year and experts predict they will remain high throughout 2022.

According to a study on Realtor.com, rent growth in 2022 is expected to be around 7.1%, which is slightly lower than the 2021 year-over-year rate.

The most significant year-over-year rent growth is seen mainly in two-bedroom units, with an average rate of 11.7%. The average growth of a one-bedroom unit was 10% and the growth rate for studios was 6.1%.

Experts are warning that the 2022 rental market may continue to see strong growth, with demand and supply disparities being a key factor in higher rents in 2022.

Another study released by real estate asset management platform Stessa showed the Jefferson City metropolitan area saw an 8% increase in median rent from 2019 to 2022. Rents there saw a $62 median increase over the past three years to $848.

Below are some other areas around Missouri facing rent increases.

  • Columbia, 7.3% increase
  • Springfield, 6.1% increase
  • St. Louis, 2.9% increase
  • Kansas City 9% increase

The study says the largest increase nationwide among small metros -- a category that includes Columbia and Jefferson City -- was 40.7% in Bremerton-Silverdale-Port Orchard, Washington.

Nationwide renters have seen a 12.5% increase over the past three years which puts the national median at $1,445 according to Stessa. However, the study shows Missouri ranked low among states for rent increases.

The state shows a 5.6% median rent increase, raising prices by $52 to $974.

Kennedy Miller

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