In Q2 2023, the St. Louis apartment market observed a year-over-year increase of 4.6% in average rents for new leases, rising to $1,251 per month. Despite a moderation in rent growth – a trend mirrored across most other U.S. markets – this increase significantly outperformed the market’s historical average growth rate of 3.3%. Notably, St. Louis ranked 10th in rent growth among the top 50 U.S. apartment markets during this quarter. Delving into submarket performance, the St. Clair/Madison Counties, South St. Louis County/Jefferson County, and Northeast St. Louis County submarkets experienced the most considerable annual rent increases, ranging between 7.4% and 7.6%. The most expensive submarket was Mid St. Louis County, where average rents exceeded $1,600 for the first time.