What Are the Best Neighborhoods in Missouri for Rental Properties?
Some of the best neighborhoods in Missouri for rental properties include downtown Kansas City, the Central West End in St. Louis, Columbia, and Springfield. These areas have high demand for rentals from young professionals, students, and families. The rental markets are strong with low vacancy rates.
What Are the Average Rental Prices in the Best Neighborhoods for Rental Properties in Missouri?
Rental prices vary across the top neighborhoods in Missouri. In downtown Kansas City, average rents for a 1-bedroom apartment range from $1,000-$1,500 per month. In the Central West End of St. Louis, rents average $1,100-$1,600 for a 1-bedroom. In college towns like Columbia, average rents are $600-$800 for a 1-bedroom near campus. In Springfield, average rents are $700-$900 per month.
Learn More: types of loans for rental property
Which Neighborhoods in Missouri Have the Highest Rental Prices?
Some of the Missouri neighborhoods with the highest rents include Clayton, Ladue, and Frontenac in the St. Louis metro area. Clayton average rents are around $1,700 for a 1-bedroom. Ladue and Frontenac have average rents of $2,000-$3,000 for larger single-family homes. Parts of downtown Kansas City also command higher rents, averaging $1,800 for a 1-bedroom.
What Factors Contribute to the High Rental Prices in Some Missouri Neighborhoods?
Several factors drive up rental prices in certain Missouri neighborhoods:
– High demand from young professionals and families looking to rent near job centers
– Low vacancy rates and limited rental inventory
– High household incomes support higher rents in affluent areas
– Desirability of living near top attractions like Forest Park or Country Club Plaza
– High costs of homeownership make renting attractive
How Have Rental Prices in Missouri Changed Over the Past Decade?
Rental prices across Missouri have increased over the past decade. According to data from Zillow, rents have risen around 30% in Kansas City and St. Louis since 2012. Areas like Springfield have seen rents climb 20%. However, rent growth has slowed in recent years due to increasing supply. Rents are forecast to rise around 2-3% annually over the next few years.
What Is the Highest and Lowest Rental Price for a Single-Family Home in Missouri?
The highest rental price for a single-family home found listed in Missouri is $15,000 per month for a luxury 10-bedroom estate in Frontenac.
The lowest rental price for a single-family home found listed is $500 per month for a 2-bedroom house in rural northern Missouri.
Conclusion
Missouri offers attractive rental property opportunities in fast-growing cities like Kansas City and St. Louis as well as smaller metro areas. Rental demand is strong across price points, although prices vary widely by neighborhood. Investors should research local market conditions carefully to identify neighborhoods offering the best returns.