Is demand for new apartment units finally slowing in major cities across the Midwest? There’s debate about that. But the latest research from Yardi Matrix shows that the average monthly apartment rent across the country continues to rise.
RENTCafe, reporting on data from Yardi Matrix, said that the average apartment rent stood at $1,412 in September. That’s 3 percent higher, and $41 more a month, than where this figure stood a year earlier.
However, September’s average apartment rent did drop slightly – just 0.1 percent – when compared to August. That is the first time since February that average rents took a month-over-month dip.
In the Midwest, renters in Chicago are paying significantly more on average each month. Yardi Matrix’s data show that apartments in Chicago cost $102 more to rent on average than they did just 12 months ago.
In Columbus, Ohio, renters paid an average of $41 more to rent in September compared to the same month a year earlier, while in Indianapolis they paid an average of $28 more in September of this year when compared to the same month in 2017.