St. Louis only major city in US where rent prices decreased

St. Louis, Arch
Photo credit (Getty Images)

ST. LOUIS (KMOX) - Over the last year, the average rental price in every major city across the U.S. has increased – except for St. Louis.

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A new report from tech-real estate firm Redfin shows rents up 13% and mortgages are up 17%. But in St. Louis, rents fell by 4% in October, compared to a year prior.

The report also say, out of the 50 largest metro areas only 15 saw rents rise more slowly than the 13% national average. That includes Chicago (+11%), Pittsburgh (+7%) and San Francisco (+7%).

The metro areas with the biggest increases in rent prices—up over 30%—were in Florida, Washington State, Oregon, Texas, and New York.

Top 10 Metro Areas With Fastest-Rising Rents

1. West Palm Beach, FL (36%)
2. Fort Lauderdale, FL (36%)
3. Miami, FL (36%)
4. Seattle, WA (32%)
5. Jacksonville, FL (32%)
6. Portland, OR (31%)
7. Austin, TX (31%)
8. Newark, NJ (31%)
9. Nassau County, NY (31%)
10. New York, NY (31%)

“Fast-rising rents could contribute to inflation woes,” said Redfin Chief Economist Daryl Fairweather. “Employees facing higher rents are likely to demand higher compensation from their employers, which could in turn lead to even more inflation down the line. Skyrocketing rents in some of the most desirable cities suggest that there is an overall shortage of homes, and not just of homes for sale. The ‘Build Back Better’ bill that is currently being debated by Congress contains $150 billion in spending earmarked for affordable housing, which could at least begin to address the issue, but the bottom line is that a lot more housing needs to be built in the places that are growing the most.”

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Featured Image Photo Credit: (Getty Images)