Multifamily Midwest

Apartment rents keep rising as summer heats up

Apartment rents keep growing as summer heats up,ph01

Apartment rents continued to rise in July, according to the latest research from ABODO. But the median rent rose at a faster clip for two-bedroom apartments and at a slower rate for one-bedroom units.

ABODO reported that in July the median one-bedroom apartment rent across the country stood at $1,082. That is an increase of 4.54 percent from the same month one year earlier. But it’s also a slight drop from June, when the median one-bedroom rent was $1,087.

Two-bedroom apartment rents, though, continued to rise at a faster clip. ABODO reported that the median two-bedroom apartment rent hit $1,357 a month in July. That’s up a healthy 6.6 percent since January of this year.

Some notable numbers from the Midwest? In Cleveland, the median one-bedroom rent jumped from $760 in June to $802 in July. And in Columbus, Ohio, the median one-bedroom rent fell from $1,065 in June to $970 in July.

Cleveland also saw a monthly increase in median two-bedroom rents, with this figure rising from $761 in June to $790 in July. And in Nashville, the median two-bedroom rent fell from $2,009 in June to $1,915.