Multifamily i Ohio

New study: Apartment rents rise in November, especially in Cleveland, Indianapolis

New study: Apartment rents rise in November,ph01

Demand for apartment living doesn’t seem to be slowing, with a new report showing that the national median rent for one-bedroom apartments took a significant jump in November.

According to research from ABODO, the national median rent for a one-bedroom apartment unit jumped $12 to hit $1,032 in November. That might not seem like a big increase, but it’s the largest month-to-month increase that ABODO has recorded this year.

The $12 hike also means that median one-bedroom rents have risen 1.37 percent since the beginning of the year.

And which city saw the highest spike in rents in November? For the third month in a row, it was Cleveland. Median one-bedroom rents here rose 6.5 percent to $817. Indianapolis saw the second-biggest rise, with median one-bedroom rents increasing 5.4 percent in November to $748.

The most expensive one-bedroom apartments? That honor again goes to San Francisco, where the median one-bedroom rent stands at $3,303 in November. New York City is second, with a median one-bedroom rent of $2,782.