Kansas City tops list of US cities for increasing rents. Here’s how much they’ve gone up
Rent in Kansas City got more expensive over the past year, according to one nationwide study.
In fact, Kansas City showed the biggest increase in rents among 50 of the biggest cities in the U.S.
The study, carried out by online apartment marketplace Rent.com, analyzed rent prices from the 50 most-populated metro areas and reported that Kansas City had the largest median increase compared to last year.
The median is found in the middle of all the rents analyzed in the study, meaning half of the rents would be higher and half of the rents would be lower. That’s in contrast to the average, which is found by adding each rental price and dividing that by the number of rental units.
According to the July 2023 report, rent prices in the city jumped 16% year over year, with a median rent of $1,666.
Rent.com determined the 16% increase by looking at June 2023 prices and comparing them to prices in June 2022.
Other cities that experienced the highest rent increases during that time include Providence, Rhode Island, which increased 11%, Minneapolis, which increased 10% and San Jose, California, which increased 9%.
Cincinnati saw the biggest decrease in median rents, dropping 15%.
Rent.com compared rent prices across all bedroom types to determine which metros are becoming more affordable or more expensive for renters. Their methodology in finding the median price for cities was based on aggregating rent prices at each property within a city’s defined boundaries.
The median rent for the month nationally was $2,029, a 1.17% decrease when compared to August 2022’s median rent of $2,053.
You can find the full report here.
