St. Louis and Minneapolis have long been known as reliable lower-cost alternatives to Chicago — but in September, both cities posted rent increases even as the U.S. rental market continued to cool, according to Realtor.com.
The shift is relatively modest, but it suggests that some of the country’s once-dependable “affordability refuges,” as Realtor.com called them, are becoming more expensive.
Here’s what to know
National rents kept inching down in September, but that was not true everywhere.
The U.S. median asking rent for studio- to two-bedroom properties was $1,694, down 0.4% from a year earlier and marking the 38th consecutive month of annual declines, per Realtor.com…