Midwest metros see greatest rent increase in September 2023

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 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 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 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

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 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 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

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 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 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 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