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
Related Stories
Sponsored | Multifamily Housing | Apr 19, 2024
5 Reasons to Opt for Wood I-Joists in Multifamily Construction
From versatility to reliability and adaptability, engineered wood I-joists offer builders, designers and developers numerous advantages in multifamily construction. Discover the top five benefits and handy installation tips.
MFPRO+ News | Apr 18, 2024
Marquette Companies forms alliance with Orion Residential Advisors
Marquette Companies, a national leader in multifamily development, investment, and management, announces its strategic alliance with Deerfield, Ill.-based Orion Residential Advisors, an integrated multifamily investment and operating firm active in multiple markets nationwide.
MFPRO+ New Projects | Apr 16, 2024
Marvel-designed Gowanus Green will offer 955 affordable rental units in Brooklyn
The community consists of approximately 955 units of 100% affordable housing, 28,000 sf of neighborhood service retail and community space, a site for a new public school, and a new 1.5-acre public park.
MFPRO+ News | Apr 15, 2024
Two multifamily management firms merge together
MEB Management Services, a Phoenix-based multifamily management company, and Weller Management, a third-party property management and consulting company, officially merged to become Bryten Real Estate Partners—creating a nationally recognized management company.
Mixed-Use | Apr 13, 2024
Former industrial marina gets adaptive reuse treatment
At its core, adaptive reuse is an active reimagining of the built environment in ways that serve the communities who use it. Successful adaptive reuse uncovers the latent potential in a place and uses it to meet people’s present needs.
MFPRO+ News | Apr 12, 2024
Legal cannabis has cities grappling with odor complaints
Relaxed pot laws have led to a backlash of complaints linked to the odor emitted from smoking and vaping. To date, 24 states have legalized or decriminalized marijuana and several others have made it available for medicinal use.
Multifamily Housing | Apr 12, 2024
Habitat starts leasing Cassidy on Canal, a new luxury rental high-rise in Chicago
New 33-story Class A rental tower, designed by SCB, will offer 343 rental units.
MFPRO+ News | Apr 10, 2024
5 key design trends shaping tomorrow’s rental apartments
The multifamily landscape is ever-evolving as changing demographics, health concerns, and work patterns shape what tenants are looking for in their next home.
Mixed-Use | Apr 9, 2024
A surging master-planned community in Utah gets its own entertainment district
Since its construction began two decades ago, Daybreak, the 4,100-acre master-planned community in South Jordan, Utah, has been a catalyst and model for regional growth. The latest addition is a 200-acre mixed-use entertainment district that will serve as a walkable and bikeable neighborhood within the community, anchored by a minor-league baseball park and a cinema/entertainment complex.
Multifamily Housing | Apr 9, 2024
March reports record gains in multifamily rent growth in 20 months
Asking rents for multifamily units increased $8 during the month to $1,721; year-over-year growth grew 30 basis points to 0.9 percent—a normal seasonal growth pattern according to Yardi Matrix.