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
Giants 400 | Aug 29, 2022
Top 75 Multifamily Sector Engineering + EA Firms for 2022
Kimley-Horn, WSP, Langan, and Olsson head the ranking of the nation's largest multifamily housing sector engineering and engineering/architecture (EA) firms for 2022, as reported in Building Design+Construction's 2022 Giants 400 Report. Note: This ranking includes all multifamily sector work, including apartments, condos, student housing, and senior living facilities.
Giants 400 | Aug 29, 2022
Top 175 Multifamily Sector Architecture + AE Firms for 2022
Perkins Eastman, Solomon Cordwell Buenz, KTGY, and Gensler top the ranking of the nation's largest multifamily sector architecture and architecture/engineering (AE) firms for 2022, as reported in Building Design+Construction's 2022 Giants 400 Report. Note: This ranking includes all multifamily sector work, including apartments, condos, student housing, and senior living facilities.
Multifamily Housing | Aug 25, 2022
7 things to know about designing for Chinese multifamily developers
Seven tips for designing successful apartment and condominium projects for Chinese clients.
Giants 400 | Aug 25, 2022
Top 155 Apartment and Condominium Architecture Firms for 2022
Solomon Cordwell Buenz, KTGY, Gensler, and AO top the ranking of the nation's largest apartment and condominium architecture and architecture/engineering (AE) firms for 2022, as reported in Building Design+Construction's 2022 Giants 400 Report.
Giants 400 | Aug 25, 2022
Top 65 Apartment and Condominium Engineering Firms for 2022
Kimley-Horn, Langan, Thornton Tomasetti, and WSP head the ranking of the nation's largest apartment and condominium engineering and engineering/architecture (EA) firms for 2022, as reported in Building Design+Construction's 2022 Giants 400 Report.
Giants 400 | Aug 25, 2022
Top 100 Apartment and Condominium Contractors for 2022
Clark Group, Suffolk Construction, AECOM, and Lendlease top the ranking of the nation's largest apartment and condominium contractors and construction management (CM) firms for 2022, as reported in Building Design+Construction's 2022 Giants 400 Report.
Giants 400 | Aug 22, 2022
Top 90 Construction Management Firms for 2022
CBRE, Alfa Tech, Jacobs, and Hill International head the rankings of the nation's largest construction management (as agent) and program/project management firms for nonresidential and multifamily buildings work, as reported in Building Design+Construction's 2022 Giants 400 Report.
Giants 400 | Aug 22, 2022
Top 200 Contractors for 2022
Turner Construction, STO Building Group, Whiting-Turner, and DPR Construction top the ranking of the nation's largest general contractors, CM at risk firms, and design-builders for nonresidential buildings and multifamily buildings work, as reported in Building Design+Construction's 2022 Giants 400 Report.
Giants 400 | Aug 22, 2022
Top 45 Engineering Architecture Firms for 2022
Jacobs, AECOM, WSP, and Burns & McDonnell top the rankings of the nation's largest engineering architecture (EA) firms for nonresidential buildings and multifamily buildings work, as reported in Building Design+Construction's 2022 Giants 400 Report.
Giants 400 | Aug 22, 2022
Top 80 Engineering Firms for 2022
Kimley-Horn, Tetra Tech, Langan, and NV5 head the rankings of the nation's largest engineering firms for nonresidential buildings and multifamily buildings work, as reported in Building Design+Construction's 2022 Giants 400 Report.
