Multifamily Midwest

After two quiet months, apartment rents rise again

After two quiet months, apartment rents rise again,ph01

Renters enjoyed a two-month break from apartment rent hikes in October and November. But December? That’s a different story, as ABODO in its latest monthly apartment report said that the monthly rents of one-bedroom units rose once again.

Fortunately for renters, that increase was a modest one, .57 percent, just an average of $6 a month. Two-bedroom apartments also saw rent increases, a jump of $13 a month on average.

These are small increases, though, and seem to suggest that the days of booming rent increases are over. That might not be welcome news to landlords and building owners, but monthly rents, at least, remain high throughout much of the country.

In the Midwest, Nashville saw a big increase in one-bedroom rents in December. This figure jumped from $1,367 in November to an average of $1,509 in December. And in St. Paul, Minnesota, the average monthly one-bedroom rent jumped from $978 in November to $1,042 in December.

The Midwest saw some big drops, too, in one-bedroom rents, according to ABODO. In Columbus, Ohio, average one-bedroom rents fell from $1,103 in November to $1,002 in December, while they dipped from $552 to $527 in Toledo, Ohio.

Nashville, one of the hottest markets in the country, also saw a big increase in two-bedroom unit rents. In November, the average two-bedroom monthly rent was $1,528 here. In December, it has jumped to an average of $1,715. And in Milwaukee, the average two-bedroom rent rose from $1,144 in November to $1,210 in December.