The top rental markets in Missouri are Saint Louis, Kansas City, Springfield, and Columbia.
The TurboTenant Report includes analysis of the average number of leads per property, the average number of days on market, average rent price, median sale price, median income, security deposit trends and livability score.
Missouri Rental Trends:
Missouri is the Gateway to the West – more than half of its population lives in the thriving cities of Kansas City and St. Louis. With extreme affordability along with city amenities in many parts of the state, property investors will see a high number of renters meaning a great ROI on their rental properties. Here are some highlights from the top rental markets in the Show-Me State.
Days on Market:
The city with the lowest days on market is Springfield at nine – under the national average which sits at 15 days; Kansas City has the highest number of days on market at 30.
The top three towns for the largest amount of leads per listing are above the national average sitting at 38. Here they are:
- Kansas City – 50 leads per listing
- Saint Louis – 41 leads per listing
- Springfield – 41 leads per listing
Average Rent: (2 bedroom listings)
With the national average rent at $1,207 for a two-bedroom, Springfield comes under that with the lowest average rent of $669 for a two-bedroom compared to the highest rent in Missouri at $1,028 in Saint Louis.
Median Home Sale Price:
According to data from Redfin, which is a national real estate brokerage company, the national median home sale price sits at $306,400. Missouri’s highest median sale price comes much below that at $190,000 in Columbia with its lowest median sale price at $46,000 in Springfield.
Missouri’s median income rings in at $45,520 – under the national average at $48,500.
Security Deposit Trends:
Security deposits have both risen and fallen in Missouri cities between 2018 and 2019. With the largest being an increase of 17.06% in Saint Louis at $995, and the largest decrease in Columbia at -15.79% with the current average at around $800 – under the national average for security deposits which is $1,200.
All of the Missouri cities have a livability score of 64 or higher with the highest being Saint Louis at 73!
Please visit here for our full methodology.
Whether you’ve found the best investment property in these top rental markets, or somewhere else, TurboTenant can help streamline your rental process with easy and free online rental applications as well as thorough tenant screening so you can find the best renter for your property.