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
| Aug 11, 2010
AECOM, Arup, Gensler most active in commercial building design, according to BD+C's Giants 300 report
A ranking of the Top 100 Commercial Design Firms based on Building Design+Construction's 2009 Giants 300 survey. For more Giants 300 rankings, visit http://www.BDCnetwork.com/Giants
| Aug 11, 2010
Turner Building Cost Index dips nearly 4% in second quarter 2009
Turner Construction Company announced that the second quarter 2009 Turner Building Cost Index, which measures nonresidential building construction costs in the U.S., has decreased 3.35% from the first quarter 2009 and is 8.92% lower than its peak in the second quarter of 2008. The Turner Building Cost Index number for second quarter 2009 is 837.
| Aug 11, 2010
AGC unveils comprehensive plan to revive the construction industry
The Associated General Contractors of America unveiled a new plan today designed to revive the nation’s construction industry. The plan, “Build Now for the Future: A Blueprint for Economic Growth,” is designed to reverse predictions that construction activity will continue to shrink through 2010, crippling broader economic growth.
| Aug 11, 2010
PCL Construction, HITT Contracting among nation's largest commercial building contractors, according to BD+C's Giants 300 report
A ranking of the Top 50 Commercial Contractors based on Building Design+Construction's 2009 Giants 300 survey. For more Giants 300 rankings, visit http://www.BDCnetwork.com/Giants
| Aug 11, 2010
Webcor, Hunt Construction lead the way in mixed-use construction, according to BD+C's Giants 300 report
A ranking of the Top 30 Mixed-Use Contractors based on Building Design+Construction's 2009 Giants 300 survey. For more Giants 300 rankings, visit http://www.BDCnetwork.com/Giants
| Aug 11, 2010
Report: Fraud levels fall for construction industry, but companies still losing $6.4 million on average
The global construction, engineering and infrastructure industry saw a significant decline in fraud activity with companies losing an average of $6.4 million over the last three years, according to the latest edition of the Kroll Annual Global Fraud Report, released today at the Association of Corporate Counsel’s 2009 Annual Meeting in Boston. This new figure represents less than half of last year’s amount of $14.2 million.
| Aug 11, 2010
First CityCenter projects earn LEED Gold
CityCenter announced today that it has received three Leadership in Energy and Environmental Design LEED Gold certifications from the U.S. Green Building Council for: 1) ARIA Resort's hotel tower; 2) ARIA Resort's convention center and theater; 3) Vdara Hotel. ARIA and Vdara will open in December on the Las Vegas Strip and are the first of CityCenter's developments to be LEED certified.
| Aug 11, 2010
Oldcastle Precast Building Systems wins PCI 2009 Sustainable Design Award
Oldcastle Precast Building Systems was part of the award winning team behind the affordable housing development Melrose Commons Site 5 situated in the South Bronx. PCI (Precast Concrete Institute) recently selected Melrose 5 for the “2009 PCI Design Award for Best Sustainable Project”.
| Aug 11, 2010
National Intrepid Center of Excellence tops out at Walter Reed
SmithGroup and The Intrepid Fallen Heroes Fund (IFHF), a non-profit organization supporting the men and women of the United States Armed Forces and their families, celebrated the overall structural completion of the National Intrepid Center of Excellence (NICoE), an advanced facility dedicated to research, diagnosis and treatment of military personnel and veterans suffering from traumatic brain injury.