The September 2023 Rent Report by Rent.com shows that metropolitan areas in the Midwest made up a majority of gainers in rent price of the last year. While the median monthly price of rent has increased by 0.71% in August, the year-over-year estimates show a national change of -0.06 percent. The median monthly cost of rent in August 2023 was $2,052.
For some U.S. metros, the data tells a different story.
Top 10 Metro Rent Increases
The majority of metros that have experienced the greatest rent increase year-over-year are in the Midwest.
- Oklahoma City, Okla.
- Kansas City, Mo.
- Memphis, Tenn.
- Columbus, Ohio
- Minneapolis, Minn.
- Milwaukee, Wis.
- Providence, R.I.
- Buffalo, N.Y.
- Jacksonville, Fla.
- Birmingham, Ala.
1. Oklahoma City, Okla.
14.79% increase YoY
![Oklahoma City, Okla., skyline](/sites/default/files/inline-images/AdobeStock_180781841.jpg)
Oklahoma City has seen a 14.79% increase in rent year-over-year. The metro also claims the highest rent increase month-over-month with an 8.86% increase from July to August 2023. The median rent in the city is $1,426—the lowest of the 10 metros.
2. Kansas City, Mo.
14.21% increase YoY
![Kansas City skyline](/sites/default/files/inline-images/AdobeStock_226221556.jpg)
Kansas City has seen a 14.21% increase in rent year-over-year. The metro has a month-over-month increase of just 0.03 percent. The median rent in the city is $1,696.
3. Memphis, Tenn.
9.81% increase YoY
![Memphis, Tennessee, USA skyline over Beale Street](/sites/default/files/inline-images/AdobeStock_172680128.jpg)
Memphis has seen a 9.81% increase in rent year-over-year, with a -0.03% change month-over-month in August 2023. The median rent in the city is $1,699.
4. Columbus, Ohio
9.33% increase YoY
![View of downtown Columbus Ohio Skyline at Sunset](/sites/default/files/inline-images/AdobeStock_221231129.jpg)
Columbus has seen a 9.33% increase in rent year-over-year. The metro has a month-over-month increase of 0.35 percent. The median rent in the city is $1,807.
5. Minneapolis, Minn.
9.24% increase YoY
![Minneapolis Minnesota](/sites/default/files/inline-images/AdobeStock_103584225.jpg)
Minneapolis has seen a 9.24% increase in rent year-over-year, with a -0.29% change month-over-month in August 2023. The median rent in the city is $1,892.
6. Milwaukee, Wis.
8.28% increase YoY
![Milwaukee Wisconsin Lakefront 2019](/sites/default/files/inline-images/AdobeStock_268254173.jpg)
Milwaukee has seen an 8.28% increase in rent year-over-year. The area's month-over-month rent price change is -0.58 percent, and its median rent is $1,725.
7. Providence, R.I.
8.15% increase YoY
![Aerial Providence, Rhode Island capitol building](/sites/default/files/inline-images/AdobeStock_272331483.jpg)
Providence has seen an increase in both YoY and month-over-month (MoM) rent prices. The metro's rent increased 8.15% year-over-year and 1.96% MoM. The median rent in Providence is the highest of the top 10 metros—sitting at $2,743 in August 2023.
8. Buffalo, N.Y.
8.11% increase YoY
![Buffalo, New York](/sites/default/files/inline-images/AdobeStock_413384244.jpg)
Buffalo has seen an 8.11% increase in rent year-over-year, with no change month-over-month. The median rent in the city is $1,617.
9. Jacksonville, Fla.
8.09% increase YoY
![Jacksonville, Florida sunset](/sites/default/files/inline-images/AdobeStock_176575581.jpg)
Jacksonville has seen an 8.09% increase in rent year-over-year. The metro has a month-over-month increase of 3.94 percent. The median rent in the city is $1,766.
10. Birmingham, Ala.
7.65% increase YoY
![Birmingham, Alabama](/sites/default/files/inline-images/AdobeStock_169950425.jpg)
Birmingham has seen an 7.65% increase in rent year-over-year. The metro has the lowest month-over-month change of the list at -1.85 percent. The median rent in the city is $1,643.
Top 10 Metro Rent Decreases
Alternatively, here are the top 10 U.S. metros with the biggest decrease in rent year-over-year:
- Portland, Ore. (-13.41%)
- Las Vegas, Nev. (-11.90%)
- New Orleans, La. (-8.97%)
- Austin, Texas (-7.85%)
- Cincinnati, Ohio (-6.19%)
- Salt Lake City, Utah (-5.27%)
- Louisville, Ky. (-4.68%)
- Pittsburgh, Pa. (-4.46%)
- Raleigh, N.C. (-4.26%)
- San Francisco, Calif. (-3.38%)
To read the full September 2023 Rent Report, visit Rent.com
Related Stories
Multifamily Housing | Jun 14, 2024
AEC inspections are the key to financially viable office to residential adaptive reuse projects
About a year ago our industry was abuzz with an idea that seemed like a one-shot miracle cure for both the shockingly high rate of office vacancies and the worsening housing shortage. The seemingly simple idea of converting empty office buildings to multifamily residential seemed like an easy and elegant solution. However, in the intervening months we’ve seen only a handful of these conversions, despite near universal enthusiasm for the concept.
Adaptive Reuse | Jun 13, 2024
4 ways to transform old buildings into modern assets
As cities grow, their office inventories remain largely stagnant. Yet despite changes to the market—including the impact of hybrid work—opportunities still exist. Enter: “Midlife Metamorphosis.”
Affordable Housing | Jun 12, 2024
Studio Libeskind designs 190 affordable housing apartments for seniors
In Brooklyn, New York, the recently opened Atrium at Sumner offers 132,418 sf of affordable housing for seniors. The $132 million project includes 190 apartments—132 of them available to senior households earning below or at 50% of the area median income and 57 units available to formerly homeless seniors.
MFPRO+ News | Jun 11, 2024
Rents rise in multifamily housing for May 2024
Multifamily rents rose for the fourth month in a row, according to the May 2024 National Multifamily Report. Up 0.6% year-over-year, the average U.S. asking rent increased by $6 in May, up to $1,733.
Apartments | Jun 4, 2024
Apartment sizes on the rise after decade-long shrinking trend
The average size of new apartments in the U.S. saw substantial growth in 2023, bouncing back to 916 sf after a steep decline the previous year. That is according to a recent RentCafe market insight report released this month.
Multifamily Housing | Jun 3, 2024
Grassroots groups becoming a force in housing advocacy
A growing movement of grassroots organizing to support new housing construction is having an impact in city halls across the country. Fed up with high housing costs and the commonly hostile reception to new housing proposals, advocacy groups have sprung up in many communities to attend public meetings to speak in support of developments.
MFPRO+ News | Jun 3, 2024
New York’s office to residential conversion program draws interest from 64 owners
New York City’s Office Conversion Accelerator Program has been contacted by the owners of 64 commercial buildings interested in converting their properties to residential use.
MFPRO+ News | Jun 3, 2024
Seattle mayor wants to scale back energy code to spur more housing construction
Seattle’s mayor recently proposed that the city scale back a scheduled revamping of its building energy code to help boost housing production. The proposal would halt an update to the city’s multifamily and commercial building energy code that is scheduled to take effect later this year.
Resiliency | Jun 3, 2024
Houston’s buyout program has prevented flood damage but many more homes at risk
Recent flooding in Houston has increased focus on a 30-year-old program to buy out some of the area’s most vulnerable homes. Storms dropped 23 inches of rain on parts of southeast Texas, leading to thousands of homes being flooded in low-lying neighborhoods around Houston.
MFPRO+ New Projects | May 29, 2024
Two San Francisco multifamily high rises install onsite water recycling systems
Two high-rise apartment buildings in San Francisco have installed onsite water recycling systems that will reuse a total of 3.9 million gallons of wastewater annually. The recycled water will be used for toilet flushing, cooling towers, and landscape irrigation to significantly reduce water usage in both buildings.