Multifamily i Ohio

ABODO study: Apartment rents falling across the Midwest since start of year

  
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Apartment rents have taken a dip in two of Ohio's largest cities this February, according to the latest national apartment report from ABODO.

Apartment rents have taken a dip in two of Ohio's largest cities this February, according to the latest national apartment report from ABODO.

ABODO, an apartment-search Web site, reported that the median rent for one-bedroom apartment units dropped 4.7 percent in February when compared to the start of the year. In Cincinnati, the median rent for a one-bedroom apartment fell 4.4 percent, according to ABODO's research.

In Cincinnati, the median one-bedroom rent stood at $785 in February. In Cleveland, that number was $627, according to ABODO.

Other Midwest cities saw dips in median apartment rents, too. ABODO reported that in Chicago, the median one-bedroom apartment rent stood at $1,787 in February, a drop of 0.9 percent from January. In Nashville, the median one-bedroom rent was $1,470, down 5.8 percent from the start of 2016.

In Kansas City, Missouri, median one-bedroom rents dropped 2.7 percent to $881, while in Omaha, February's median one-bedroom apartment rent of $803 represented a drop of 0.7 percent. And in Lincoln, Nebraska, the median one-bedroom rent fell 4.5 percent since the start of the year, dropping to $765.