Multifamily W Minnesota

Median apartment rents hit 2017 high in December

Median apartment rents rent 2017 high in December,ph01

The year is ending with good news for apartment owners and investors: National median one-bedroom rents hit their highest level of the year in December.

ABODO recently released its latest apartment research. The company reported that in December the national median one-bedroom rent hit $1,040. That’s an increase of 2.4 percent from January of this year, and represents the highest this number has been all year.

Newark, New Jersey, saw the country’s largest month-over-month increase in one-bedroom rent, with rents jumping by nearly 13 percent from November to December. A Midwest city made the list of municipalities that saw the highest rent increases from November to December, too, with St. Paul, Minnesota, seeing its median one-bedroom rent increase by 7.4 percent on a month-over-month basis.

This gives St. Paul the third-highest month-over-month increase in the country. The median one-bedroom rent was $1,017 in St. Paul in November, according to ABODO. In December, that figure rose to $1,092.

Other Midwest cities that saw significant changes in median rents include Madison, Wisconsin, where the median one-bedroom rent fell from $1,165 in November to $1,118 in December; Indianapolis, where rents rose from $748 in November to $780 in December; and Columbus, where they dropped from $812 in November to $745 in December.

Columbus, in fact, saw the biggest dip in median one-bedroom rents, falling 8.3 percent from November to December, according to ABODO. Madison’s dip of 4 percent was the second-highest in the country.