The U.S. rental market has reached a significant milestone, marking three full years of year-over-year rent declines for 0–2 bedroom properties across the 50 largest metropolitan areas.
According to the latest July Rent Report from Realtor.com®, the national median asking rent decreased by $24, or 1.4%, compared to a year ago. This trend offers a glimmer of relief to renters nationwide. After years of relentless increases, this slowdown offers a much-needed breather for renters.
However, while national rents are falling, local markets can tell a different story. Ultimately, this raises a crucial question for many residents: is renting really better than buying a home in the St. Louis area?
St. Louis rent trends
The St. Louis, MO metropolitan area is experiencing a positive shift for renters. As of July 2026, the median rent in this metro stands at $1,284.
Furthermore, this represents a welcome decrease of 1.90% year-over-year. This decline indicates that St. Louis is indeed aligning with the national trend of falling rental prices, offering more affordability to its residents.
National rent overview
In July 2026, the national rental market continued its downward trajectory, with median rents declining across all property sizes. Studio apartments saw their median rent fall to $1,435, a $20 (-1.4%) decrease year over year. One-bedroom units recorded a median rent of $1,581, down $21 (-1.3%) from the prior year, and two-bedroom properties experienced a $26 (-1.4%) decrease, bringing their median rent to $1,893.
Moreover, the median asking rent in the 50 largest metros registered at $1,695. This figure is $69 (-3.9%) lower than its summer 2022 peak, yet it remains $225 (15.3%) higher than pre-pandemic levels recorded in July 2019. Therefore, while renters are seeing some relief, prices are still elevated compared to several years ago.
Despite these rental declines, renting a starter home continues to be a more affordable option than buying one across all 50 metros. This offers an average monthly savings of $858, highlighting the current financial advantage of renting. However, the gap between what people can afford and what they need to pay for housing continues to be a challenge, particularly concerning wages and the expectations of landlords.
Renting versus buying in St. Louis
The latest report indicates that renting a starter home remains a more affordable option than buying one across all 50 major metropolitan areas, with an average monthly savings of $858. In St. Louis, MO, the median rent is $1,284, while the estimated monthly cost of buying a starter home is $1,621. This means renting is $337 cheaper per month, representing a 26.20% difference compared to renting.
Realtor.com economists determine the monthly cost of buying a home by first looking at the median list price of 0-2 bedroom home listings, which are considered starter homes. They then assume a 10% down payment and use the 30-year fixed mortgage rate for the month to calculate a monthly mortgage payment. Additionally, HOA fees, taxes, and homeowners insurance, averaged at the metro levels, are included as part of the total costs, providing a comprehensive view of affordability.
As of July 2026, seven markets are shifting favorably toward homebuyers, based on home listing prices falling faster than rents year over year and average weekly earning growth at or exceeding the 3.8% national rate. These markets include Oklahoma City, OK, Orlando, FL, Seattle, WA, Tampa, FL, Las Vegas, NV, Nashville, TN, and the Miami–Fort Lauderdale–West Palm Beach, FL metros. These areas signal potential opportunities for those looking at home sales and considering their long-term housing strategy with a rent vs. buy calculator.
“Renting may be cheaper today, but that doesn’t mean the opportunity to buy is closing or getting worse. In many places, it is improving when compared to renting,” said Jiayi Xu, a senior economist at Realtor.com and author of the report.
Generated with AI assistance and finalized through human editorial oversight by Dina Sartore-Bodo and Gabriella Iannetta.
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