The State of the Rental Market in Missouri

In Missouri, renters are facing rising prices, reflecting a situation that is occurring throughout much of the United States.

  • Tuesday, June 9, 2015

  General   Rental Market   Missouri   

In Missouri, renters are facing rising prices, reflecting a situation that is occurring throughout much of the United States. The average rental rate for a one-bedroom unit in Missouri is currently about $725. For two-bedroom rental properties, the average rental price increases to almost $900 per month. As is the case with many states, it must be noted that the average rental price can vary, sometimes significantly, based on exactly where in Missouri that one is searching for a rental property.

How Rent Fares Across the State of Missouri

For instance, in the Kansas City, Missouri, area the average rent for an apartment is about $804. During the last six months, rental prices in Kansas City have increased by four percent, according to Rent Jungle.

In St. Louis, rent prices are even higher. Here, the average rental price is about $834. With that said, average rent prices in St. Louis have decreased by about two percent over the last six months, as reported by Rent Jungle.

Prospective renters in Springfield, Missouri will usually find that average rent prices are slightly less expensive at about $665 per month. In fact, the average rent price in Springfield has decreased by 10 percent over the last six months.

If you are a landlord in Missouri, regardless of where you may own property, it is important to make sure you have a solid system in place for managing your rental properties. The process of managing rental properties can involve a number of different factors and can be quite time-consuming, yet the right process can make a significant difference in terms of the success of a property rental business.

Managing Rental Properties in Missouri

Among the most important responsibilities of a landlord or property manager is ensuring that vacancies are filled in a timely manner. Depending on where you live in Missouri and what the specific rental market is like in that area, you might have an easier or a slightly more difficult time in filling those vacancies. Projecting a professional image and ensuring you have the right marketing plan in place can make a difference in terms of how quickly you are able to fill vacancies. Services such as VerticalRent can make it much easier for you to move prospective tenants through the application process.

That process begins with a Missouri lease agreement that covers all of the specifics as relate to Missouri state tenant law. This ensures that you do not have any liabilities due to not complying with state law. In fact, applicants can even complete the entire rental application online using an easy embed now option for your website, which makes it much easier to and faster to fill vacant units. With a mobile-ready feature, you could even have applicants complete your rental application on their smartphone while they are touring the unit. When the tour is complete, your prospective tenant can simply click to complete the application, saving everyone a tremendous amount of time and hassle.

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