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
Game Changers | Jan 13, 2017
Building from the neighborhood up
EcoDistricts is helping cities visualize a bigger picture that connects their communities.
Multifamily Housing | Jan 11, 2017
Istanbul’s Valens Archway could be rejuvenated with “floating” housing concept
Superspace’s proposal would create a natural promenade atop the ancient stone structure.
University Buildings | Jan 9, 2017
Massive student housing project in Texas will be ready this Fall
Developers hope the early opening of some units sets the tone for the community and future rentals.
Multifamily Housing | Dec 22, 2016
Multifamily green financing programs grew rapidly in 2016
Multifamily green financing programs boomed in 2016, and are likely to continue to grow in 2017, according to the president of Partner Energy.
Market Data | Dec 21, 2016
Will housing adjust to an aging population?
New Joint Center report projects 66% increase in senior heads of households by 2035.
Multifamily Housing | Dec 15, 2016
Multifamily tower in St. Louis uses stacked design to make every apartment a corner unit
Designed by Studio Gang, the building’s stacked tiers will each comprise four floors and fan outwards as they rise up.
Multifamily Housing | Dec 12, 2016
BIG’s first residential condominium in the U.S. completed in Miami
Two 20-story twisting towers comprise 98 units on a three-acre site near Biscayne Bay.
Multifamily Housing | Dec 1, 2016
One of Canada’s largest media companies dives into real estate development
Rogers moves forward on M City, a multi-building, multi-year project in a Toronto suburb.
Multifamily Housing | Nov 28, 2016
Axiometrics predicts apartment deliveries will peak by mid 2017
New York is projected to lead the nation next year, thanks to construction delays in 2016
Sponsored | Multifamily Housing | Nov 11, 2016
Value engineering brings Santa Barbara apartments back on track
When framing estimates for a new apartment complex in Rialto, California, came in too high, a savvy developer decided to have the project value engineered. A switch to glulam and wood-framed shear walls got the project back in the black.