Will 2019 be the year that the multifamily market finally slows across the Midwest? CRE pros working the region have told Midwest Real Estate News that demand for new apartment units, especially those located in urban settings, remains strong as 2019 begins. But one study suggests that when it comes to rental rates a slowdown might have already occurred.
ABODO earlier this year released its 2018 Annual Rent Review, and the results indicate that the days of soaring apartment rents disappeared last year.
ABODO’s report showed that the national median rent for one-bedroom apartments fell 2.01 percent during the year. The median one-bedroom rent ended 2018 at $1,025.
The median rent for two-bedroom units ended December at $1,255. That figure remained mostly flat, increasing just 0.08 percent from the end of 2017.
Despite these numbers, rent did go up in 29 states last year, according to ABODO. It fell in 22. The most expensive city for renters? It was San Francisco, while Springfield, Missouri, ranked as the cheapest city in which to rent.