Multifamily Midwest

Booming apartment rents? Those days might be over

Booming apartment rents? Those days might be over,ph01

The days of soaring apartment rents? They seem to be over, at least according to the latest numbers in the Zumper National Rental Price Index.

According to Zumper’s October rent report, median apartment rents remained relatively flat last month, continuing a trend. The median one-bedroom rent fell 0.7 percent in September to $1,241. The median two-bedroom apartment rent fell 0.6 percent to $1,485 last month.

Even with these dips, apartment rents today are still higher on average than they were last year. Zumper reported that on a year-to-year basis, median one-bedroom apartment rents are up 2.1 percent from September of last year while median rents on two-bedroom apartments are up 2.2 percent.

The Midwest saw some notable rental changes last month. In Lincoln, Nebraska, the median one-bedroom apartment rent jumped 5.7 percent in September to $740. This was the largest one-bedroom rent hike in the country.

In Columbus, Ohio, the median one-bedroom rent climbed 5.4 percent to $780. And in Memphis, Tennessee, this figure rose 5.2 percent to $810.

Minneapolis saw movement, too, only in the opposite direction. The median one-bedroom rent fell 5.1 percent in September, dropping to $1,310. The median two-bedroom rent here dropped 0.6 percent to $1,800.