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.