The Madison multifamily market continued to show its strength in April, with monthly rents on two-bedroom units showing a big rise from a year earlier.
That’s the main local takeaway from the latest Zumper National Rent Index, a report covering the performance of the country’s apartment market throughout April.
According to Zumper, the Madison market ranked as the 30th most expensive place to rent an apartment in the country in April. The median one-bedroom monthly apartment rent in this market stood at $1,570 in April, while this figure hit $1,950 for two-bedroom units.
The performance of two-bedroom units has been especially notable. Zumper reported that the median price of a two-bedroom apartment in Madison was up 7.7% when compared to the same month a year earlier.
The median one-bedroom apartment rent in Madison was up 4.70% when compared to April of a year ago.
On a month-to-month basis, the Madison apartment market hasn’t seen quite as much rent growth. Zumper reported that the market’s median one-bedroom rent jumped 1.30% from where it stood in March. But the Madison market’s median two-bedroom rent fell 1.50% from March.
The Madison market has been resilient compared to the performance of the apartment sector throughout the country. Zumper reported that the median one-bedroom apartment rent dipped 0.5% from where it stood in March, settling in at $1,517.
Zumper said that the median two-bedroom apartment rent fell 0.2% from March to April to hit $1,901.
This marks the third consecutive month of either flat or declining apartment rents nationally, Zumper reported.
