Mississippi Rent Report – May 2019

• The national average rent reached $1,442 in May 2019, up by 2.5% ($35) year over year, and by 0.3% ($6) month over month, according to Yardi Matrix data.
• Ridgeland, MS renters saw the highest annual rent increase in May, reaching $933 per month. 
• Olive Branch apartments are the most expensive among the state’s cities, while apartments in Jackson have the cheapest rents. 

Apartment rents increase by 2.5% as the prime rental season kicks off

Average rent prices went up by 2.5% year-over-year in May and reached a $1,442 monthly average. Nationally, rents maintain a strong month-over-month growth, but the annual increase is the slowest we’ve seen in 18 months. Residential rents are rising steadily across markets, with the third month in a row sprouting a 0.3% month-over-month jump. Compared to last May, renters pay $35 more on average, according to the latest Yardi Matrix data on apartment market trends.

Renting in Mississippi cities in May 2019

The average rent in Mississippi’s largest cities is generally lower than the national average. The fastest-growing rents in May were in Ridgeland, where rental apartment prices increased by 5.2% over the year, but saw a slow month-over-month growth ($2). Southaven apartments saw the second-highest annual increase, jumping by 4%, $36 more expensive than the same month last year. The slowest rising rents were in Clinton, where prices grew by 1.5% over the year.

Of the cities analyzed, Olive Branch apartments are the state’s most expensive for renters, with an average rent of $957, closely followed by apartments in Horn Lake, where the average monthly rent is $940. On the other hand, the cheapest city to rent an apartment in is Jackson, with an average apartment rent of $793.

To compare the rental market in Mississippi with other cities in the U.S., you can also check our national rent report.

Methodology