Landlords are raising the rent in the St. Louis area, and tenants have to pay up. The market for apartments and rental houses here is swinging in favor of the owners. Data from Reis Inc., the commercial real estate analysis company predited that apartment rents will finish 2012 up 4 percent — nearly twice the rise in other consumer prices. Meanwhile, Reis predicts a 4.4 percent rise for 2013 in the metro area.
Rents are up because vacancies are down, and landlords are finding it easier to fill their apartments. The metro area vacancy rate is 5.8 percent, the lowest in 10 years by Reis’ estimate.