These 5 metro-east ZIP codes saw the biggest jump in rent over the last year, data shows
As home values and sale prices continue to climb this year, rent is on the rise in the Midwest, and some states have seen their median rents increase by more than 18% since 2022.
The average rent in Belleville has reached nearly $1,200 as of June, according to RentHub, a rental housing data and analytics firm. That figure far exceeds June 2022’s average rent of $976 for all property types, including apartment buildings, condominiums and homes, RentHub says.
Several other locations near Belleville have seen large swings in rent prices, too. Collinsville, for example, has seen its average rent price drop from about $1,300 in June 2022 to roughly $1,100 this month, RentHub reports. O’Fallon has observed month-to-month drops and hikes in rent prices, but its average price of $1,386 in June 2023 remains virtually unchanged from last year’s $1,367, according to the data set.
Here’s how average rent prices in Fairview Heights, Columbia and more compare to other metro-east locales.
Note: This interactive graphic will automatically update as new data becomes available.
Rent prices vary even more on a ZIP code-by-ZIP code scale throughout the region. According to another RentHub data set, median rent prices in these areas have also seen dramatic changes over the past year.
The 62220 and 62208 ZIP codes, which represent the northern and southern sections of Belleville, have seen their median rent prices increase by at least 85% between May 2022 and 2023, RentHub reports. The mid-point price for rental units in the 62220 ZIP code was $1,175 in May, while 62208’s median price sat at approximately $1,335.
Some ZIP codes have seen decreases in median rent prices. ZIP code 62234, which represents most of the Collinsville area, saw its mid-point rent price drop by about 30% over the last year, settling at roughly $1,050 in May, according to RentHub. A few ZIP codes across the Mississippi River, including 63110 and 63125, also saw their median rent prices drop by at least 17% since May 2022.
Note: This interactive graphic will automatically update as new data becomes available.
Here’s where RentHub reported the greatest rent increases in the Belleville and St. Louis areas between May 2022 and 2023, by ZIP code:
- 62220: 88% increase with a median rent of $1,175
- 62208: 84.1% increase with a median rent of $1,335
- 63116: 56.7% increase with a median rent of $1,175
- 63103: 39.2% increase with a median rent of $1,847
- 63111: 37.7% increase with a median rent of $1,095
Though RentHub’s data covered many locations in the metro-east, information for rental units was not available for a few areas, including East St. Louis.
According to Zillow, another real estate platform, Belleville currently features a “warm” rental market, indicating demand is starting to increase for all bedrooms and property types. Nearly 50 rental units are available through the platform, including studio apartments, one-bedroom units and small homes.
This story was originally published June 26, 2023 at 9:46 AM.
%202.JPG)