160 1 Bedroom Apartments for rent in Independence, MO
July 2020 Independence Rent Report
Welcome to the July 2020 Independence Rent Report. Independence rents remained steady over the past month. In this report, we'll evaluate trends in the Independence rental market, including comparisons to cities throughout the metro, state, and nation.
July 2020 Independence Rent Report
Welcome to the July 2020 Independence Rent Report. Independence rents remained steady over the past month. In this report, we'll evaluate trends in the Independence rental market, including comparisons to cities throughout the metro, state, and nation.
Independence rent trends were flat over the past month
Independence rents have remained flat over the past month, however, they have increased slightly by 1.2% year-over-year. Currently, median rents in Independence stand at $743 for a one-bedroom apartment and $911 for a two-bedroom. Independence's year-over-year rent growth leads the state average of 0.5%, as well as the national average of 0.2%.
Rents rising across the Kansas City Metro
Throughout the past year, rent increases have been occurring not just in the city of Independence, but across the entire metro. Of the largest 10 cities that we have data for in the Kansas City metro, 8 of them have seen prices rise. Here's a look at how rents compare across some of the largest cities in the metro.
- Leawood has seen the fastest rent growth in the metro, with a year-over-year increase of 6.3%. The median two-bedroom there costs $1,507, while one-bedrooms go for $1,229.
- Over the past year, Overland Park has seen the biggest rent drop in the metro, with a decline of 0.3%. Median two-bedrooms there cost $1,217, while one-bedrooms go for $993.
- Grandview has the least expensive rents in the Kansas City metro, with a two-bedroom median of $844; rents fell 0.2% over the past year but remained flat month-over-month.
Independence rents more affordable than many large cities nationwide
As rents have increased slightly in Independence, other large cities nationwide have seen rents grow more quickly. Independence is still more affordable than most large cities across the country.
- Although rents across cities in Missouri have been slightly on the rise, the state's growth as a whole has held steady over the past year. For example, rents have grown by 2.6% in Springfield and 0.6% in St. Louis.
- Independence's median two-bedroom rent of $911 is below the national average of $1,192. Nationwide, rents have held steady over the past year.
- While Independence's rents rose slightly over the past year, the city of Phoenix also saw an increase of 1.9%.
- Renters will find more reasonable prices in Independence than most large cities. For example, San Francisco has a median 2BR rent of $3,035, which is more than three times the price in Independence.
For more information check out our national report. You can also access our full data for cities and counties across the U.S. at this link.
Methodology - Recent Updates:
Data from private listing sites, including our own, tends to skew toward luxury apartments, which introduces sample bias when estimates are calculated directly from these listings. To address these limitations, we’ve recently made major updates to our methodology, which we believe have greatly improved the accuracy and reliability of our estimates.
Read more about our new methodology below, or see a more detailed post here.
Methodology:
Apartment List is committed to making our rent estimates the best and most accurate available. To do this, we start with reliable median rent statistics from the Census Bureau, then extrapolate them forward to the current month using a growth rate calculated from our listing data. In doing so, we use a same-unit analysis similar to Case-Shiller’s approach, comparing only units that are available across both time periods to provide an accurate picture of rent growth in cities across the country.
Our approach corrects for the sample bias inherent in other private sources, producing results that are much closer to statistics published by the Census Bureau and HUD. Our methodology also allows us to construct a picture of rent growth over an extended period of time, with estimates that are updated each month.
Read more about our methodology here.
About Rent Reports:
Apartment List publishes monthly reports on rental trends for hundreds of cities across the U.S. We intend these reports to be a source of reliable information that help renters and policymakers make sound decisions, and we invest significant time and effort in gathering and analyzing rent data. Our work is covered regularly by journalists across the country.
We are continuously working to improve our methodology and data, with the goal of providing renters with the information that they need to make the best decisions.