ST. LOUIS – Rent prices soared to a record high in February 2022 but a new analysis by Redfin found rental prices in St. Louis saw the smallest increases among the top 50 populous metro areas in the country. Redfin data shows rents were up 15% nationwide last month compared to February 2021. In St. Louis, the increase was 3.3% in that same time period.

The cost of housing is not just going up renters, but for homebuyers too. “That’s because mortgage rates have increased sharply, and will likely continue to do so. When the cost of homeownership increases, many potential homebuyers opt to rent instead, which drives up rental prices,” says Redfin Chief Economist Daryl Fairweather.

Fairweather says Americans will likely see the continued inflation across the board.

The average asking rent price in St. Louis is $1,486, one of the cheapest metro areas.  And while St. Louis saw the smallest increase, there were actually two metro areas that saw rents decline. Milwaukee saw a 2.6% decrease and Kansas City say a 1.5% decrease.

Some places are seeing year over year rents rising much faster than the national average. Austin, TX and Portland, OR top the list with 40% and 39% year-over-year increases respectively.

Top 10 Metro Areas with largest rent increases Rents year over year

1.     Austin, TX (+40%)

2.    Portland, OR (+39%)

3.    New York, NY (+36%)

4.   Newark, NJ (+36%)

5.   Nassau County, NY (+36%)

6.   New Brunswick, NJ (+36%)

7.   Fort Lauderdale, FL (+30%)

8.   West Palm Beach, FL (+30%)

9.   Miami, FL (+30%)

10.  Denver, CO (+29%)

Top 10 Metro Areas with smallest Rent increases year over year

1.    St. Louis, Mo.: +3.3%

2.    Minneapolis: +3.7%

3.    Chicago: +4.5%

4.    Cleveland: +5.3%

5.    Charlotte, NC: +7.5%

6.    Detroit: +8.2%

7.    Warren, Mich.: +8.2%

8.    Columbus, Ohio: +8.5%

9.    Anaheim, Calif.: +9.8%

10.  Los Angeles: +9.8%