75 Apartments under $700 for rent in Independence, MO
February 2020 Independence Rent Report
Welcome to the February 2020 Independence Rent Report. Independence rents declined 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.
February 2020 Independence Rent Report
Welcome to the February 2020 Independence Rent Report. Independence rents declined 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 rents declined over the past month
Independence rents have declined 0.1% over the past month, but have increased slightly by 1.3% in comparison to the same time last year. Currently, median rents in Independence stand at $737 for a one-bedroom apartment and $904 for a two-bedroom. Independence's year-over-year rent growth leads the state average of 0.9%, but trails the national average of 1.6%.
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, all 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 the most expensive rents in the Kansas City metro, with a two-bedroom median of $1,523; the city has also seen rent growth of 8.6% over the past year, the fastest in the metro.
- Over the past month, Liberty has seen the biggest rent drop in the metro, with a decline of 0.4%. Median two-bedrooms there cost $903, while one-bedrooms go for $736.
- Kansas City proper has the least expensive rents in the Kansas City metro, with a two-bedroom median of $895; rents were up 0.2% over the past month but remained flat year-over-year.
Independence rents more affordable than many large cities nationwide
As rents have increased slightly in Independence, a few large cities nationwide have also seen rents grow modestly. Independence is still more affordable than most large cities across the country.
- Rents increased slightly in other cities across the state, with Missouri as a whole logging rent growth of 0.9% over the past year. For example, rents have grown by 2.3% in Springfield and 0.7% in St. Louis.
- Independence's median two-bedroom rent of $904 is below the national average of $1,193. Nationwide, rents have grown by 1.6% over the past year compared to the 1.3% increase in Independence.
- While Independence's rents rose slightly over the past year, many cities nationwide also saw increases, including Phoenix (+3.7%), Dallas (+2.4%), and Seattle (+1.8%).
- Renters will find more reasonable prices in Independence than most large cities. For example, San Francisco has a median 2BR rent of $3,090, which is nearly three-and-a-half 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.