Multifamily Midwest

The most expensive apartments? This summer, they're not in the Midwest

The most expensive apartments? They're not in the Midwest,ph01

Not one Midwest city cracked the list of the 10 most expensive metropolitan areas in which to rent an apartment this June, with a city in the region not showing up until spot number 15 on the latest ranking of average monthly rents by Zumper.

According to Zumper’s June national rent report, San Francisco, to no one’s surprise, remained the most expensive U.S. city in which to rent an apartment. Zumper reported that the median monthly rent here was $3,700 for a one-bedroom apartment and $4,720 for a two-bedroom unit.

The most expensive Midwest city in which to rent – again, to no one’s surprise – was Chicago, which ranked as the 15th most expensive rental market in June. Zumper reported that the median monthly rent for a one-bedroom apartment in the city stood at $1,570, while that figure was $1,890 for a two-bedroom apartment.

The median one-bedroom rent in Chicago was up 4.7 percent when compared to June of last year. The median two-bedroom rent was down 0.5 percent from a year earlier.

The next most expensive rental market in the Midwest was Minneapolis, according to Zumper. The median one-bedroom rent here was $1,400 in June, though this figure was actually down 0.7 percent from a year ago. The median two-bedroom rent in Minneapolis was $1,840 in June, again down, this time by 0.5 percent. from the same month in 2018.

The median one-bedroom rent in Nashville was $1,250, while the median two-bedroom rent here was $1,310. Both of those figures are down about 10 percent from a year earlier. That didn’t stop Nashville, though, from ranking as the third costliest rental market in the Midwest.

And coming in fourth place in the region? Madison. The Wisconsin city’s median one-bedroom rent was $1,170 in June, down 10 percent from a year ago. The median two-bedroom apartment rent here was $1,330, down 4.3 percent from June of 2018.