Want to rent an apartment in Nashville or Minneapolis? It’s not cheap, and it’s getting more expensive, according to the lastest numbers from apartment-research company Abodo.
Abodo reported that in August, the average one-bedroom rent stood at $1,368 a month. That’s an increase of 14 percent from the $1,197 average rent in the city one month earlier. Nashville, too, saw a big increse in monthly rents. Abodo says that the average one-bedroom rent in Nashville stood at $1,124 a month. That’s an increase of 13 percent from July.
What’s behind these increases? Demand, of course. Both Nashville and Minneapolis are emerging technology centers, and both are attractive alternatives to more crowded and expensive Silicon Valley. A growing number of workers are moving to both of these cities in pursuit of tech jobs, and many of them are renting instead of buying.
Renters in the Ohio cities of Toledo and Cleveland did see rent decreases in August when compared to July, according to Abodo. Cleveland’s average one-bedroom rent fell 9 percent in August to $564, while this figure fell 8 percent to $533 in Toledo.