Des Moines Rent Report: May 2024

Welcome to the Apartment List May 2024 Rent Report for Des Moines, IA. Currently, the overall median rent in the city stands at $1,027, after rising 1.1% last month. Prices remain down 3.0% year-over-year. Read on to learn more about what’s been happening in the Des Moines rental market and how it compares to trends throughout the nation as a whole.

Des Moines rents are up 1.1% month-over-month and down 3.0% year-over-year

The median rent in Des Moines rose by 1.1% over the course of April, and has now decreased by a total of 3.0% over the past 12 months. Des Moines’s rent growth over the past year has has fallen behind both the state (1.2%) and national averages (-0.8%).

Des Moines rent growth in 2024 pacing below last year

Four months into the year, rents in Des Moines have risen 0.5%. This is a slower rate of growth compared to what the city was experiencing at this point last year: from January to April 2023 rents had increased 3.3%.

April rent growth in Des Moines ranked #20 among large U.S. cities

Des Moines rents went up 1.1% in the past month, compared to the national rate of 0.5%. Among the nation's 100 largest cities, this ranks #20. Similar monthly rent growth took place in Philadelphia, PA (1.2%) and Boise, ID (1.1%).

Des Moines is the #96 most expensive large city in the U.S., with a median rent of $1,027

Citywide, the median rent currently stands at $860 for a 1-bedroom apartment and $1,073 for a 2-bedroom. Across all bedroom sizes (ie, the entire rental market), the median rent is $1,027. That ranks #96 in the nation, among the country's 100 largest cities.

For comparison, the median rent across the nation as a whole is $1,226 for a 1-bedroom, $1,381 for a 2-bedroom, and $1,396 overall. The median rent in Des Moines is 26.5% lower than the national, and is similar to the prices you would find in Cincinnati, OH ($1,041) and Tulsa, OK ($1,021).