Apartment Rent Growth Steps Up in Missouri Markets
The two largest Missouri apartment markets – Kansas City and St. Louis – have typically grown apartment rents at a rate slower than the national norm. However, for the last four consecutive months, both Missouri markets have reversed that trend. As of the year-ending February, Kansas City grew rents 3.5% and St. Louis grew rents 4.4%, compared to 2.9% nationally. Those performances are significant improvements for both markets. Throughout this economic cycle, which began in 2010, St. Louis has grown rents, on average, 2.1% annually and Kansas City has grown rents, on average 2.5% annually. Nationwide, rents have grown closer to 3.4% annually since 2010. Though rent growth in Kansas City and St. Louis ramped up recently, occupancy in both markets still sits a bit below the national norm, at 95.1% and 95.2% in Kansas City and St. Louis, respectively. Nationally, the U.S. apartment market is 95.5% full in February.