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, Okla., skyline — Oklahoma City, Okla., courtesy Adobe Stock

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 — Kansas City, Mo., courtesy Adobe Stock

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 — Memphis, Tenn., courtesy Adobe Stock

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 — Columbus, Ohio, courtesy Adobe Stock

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 — Minneapolis, Minn., courtesy Adobe Stock

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 — Milwaukee, Wis., courtesy Adobe Stock

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 — Providence, R.I., courtesy Adobe Stock

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 — Buffalo, N.Y., courtesy Adobe Stock

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 — Jacksonville, Fla., courtesy Adobe Stock

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 — Birmingham, Ala., courtesy Adobe Stock

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

Across the country, multifamily rents have skyrocketed. Year-over-year rents are up by double digits in nine of the top 30 markets, while national YoY rent growth is up 6.3%. Emerging from the pandemic, a perfect storm of migration, enhanced government stimulus and a hot housing market, among other factors, has enabled this extremely strong growth.