St. Louis posted the highest year-over-year increase at 6.3%.

Stalking horse bidder EOS Hospitality acquired the luxury 183-key hotel.

Total development costs are around $110 million.

"Rents are often a leading indicator of where home prices will go."

Some are also seeing declines in rents.

It may offer an attractive option compared to those typically available.

The rent increase could heighten the appeal of these buildings to investors.

CoStar Group seems to think so.