There is some good news for St. Louis renters. The median asking rent in the St. Louis metro fell to $1,292 in June, a decline of 1.4% from a year ago. That puts St. Louis rents about $400 below the national median of $1,692 and makes our market look relatively affordable compared with many of the nation’s largest metropolitan areas.
The part of the report that caught my attention, however, was not the decline in rent. It was the lack of new apartment construction. According to Realtor.com’s June 2026 Rental Report, the St. Louis metro permitted just 0.5 new multifamily units for every 1,000 residents in 2025. That was down from 0.7 the year before and was the lowest permit rate St. Louis has recorded since 2019.
Falling rents may provide some short-term relief, but rents are driven by supply and demand, and St. Louis is not adding much new rental supply. If demand increases while apartment construction remains this low, today’s rent relief could be temporary. This is something St. Louis renters, landlords, developers, and real estate investors should be watching closely.
Source: Realtor.com June 2026 Rental Report
