Multifamily i Ohio

Apartment rents jump as October arrives

Apartment rents jump as October arrives,ph01

In good news for landlords, the median apartment rents rose as October arrived, according to the latest report from ABODO.

Going into the month of October, a one-bedroom apartment rented for a median cost of $1,020 a month. That’s up slightly from September, when the median rent of a one-bedroom unit stood at $1,018.

Rents have risen at differing rates from September to October across the country. But a Midwest city, Cleveland, saw the highet percentage gain in median rents this October when compared to September. Cleveland’s median one-bedroom rent jumped 9.9 percent in October, rising from $698 in September to $767 this month.

Rents rose quickly in another Ohio city, too, Cincinnati. ABODO reported that the median monthly rent for a one-bedroom apartment here jumped 3.8 percent, the sixth-biggest increase in the country. Right behind Cincinnati, in seventh place, was Indianapolis, where monthly rents rose 3.8 percent from September to October. Minneapolis, in eighth place, saw median rents jump 3.4 percent during the same period.

Renters in some Midwest cities, though, saw the opposite trend. In Lincoln, Nebraska, median rents dropped 4.7 percent from September to October, the fourth biggest drop in the country. In fifth place came Lexington, Kentucky, where median rents fell 4.3 percent, just ahead of sixth-place finisher St. Paul, Minnesota, where the median monthly rent of a one-bedroom apartment fell 3.6 percent.

St. Louis also appeared on the list of biggest percentage rent drops. The median one-bedroom rent here fell 2.8 percent from September to October, the ninth biggest drop in the country.

The highest median rent for a one-bedroom apartment in October was $3,269 in San Francisco, according to ABODO. The second-highest median monthly rent was New York City at $2,794.

The only Midwest city to make it on ABODO’s list of the 10 highest median one-bedroom monthly rents was Chicago, which came in at 10th place with a median rent of $1,827.