Multifamily Midwest

The highest apartment rents? Don't look for them in the Midwest

The highest apartment rents? Don't look for them in the Midwest,ph01

Landlords looking for the highest monthly apartment rents? They’ll do better collecting on the coasts. The most recent survey released by Zumper, covering January of this year, found that the cities with the highest monthly one-bedroom rents were clustered on either the West Coast or East Coast, with six of the cities in California.

In the Midwest? Most cities saw far smaller monthly rents. And this is a trend that doesn’t look ready to slow any time soon. Zumper reported that only two Midwest cities saw notable increases in average monthly one-bedroom rents in January.

In Chicago, the average one-bedroom rent jumped 4.7 percent to $1,570 in January. The average rent for two-bedroom apartments in the Chicago market increased 2.2 percent to $1,890.

And in Louisville, the one-bedroom apartment rent increased 4.8 percent to an average of $880. Two-bedroom units in the city saw an increase of 5 percent to an average of $1,050 in January.

Midwest cities were represented on the list of major cities in which apartment rents took big dips in January.

In Des Moines, one-bedroom apartment rents fell 5.8 percent, the largest monthly decline in the nation, to an average of $810 in January. The average two-bedroom apartment rent fell 4.4 percent to $860.

In St. Louis, the average one-bedroom apartment rent fell 4.8 percent to $790 in January. And in Columbus, Ohio, the average one-bedroom rent fell 5.4 percent to $700 during the same month.