In good news for renters – and maybe not so great news for owners – apartment rents fell in May, the fourth straight month that this has happened.
This news comes from ABODO’s May National Apartment Report published yesterday. According to the report, the national median one-bedroom rent price fell by just more than a single percentage point from April to May.
ABODO reported that this figure stood at $1,015 in May. That’s down from $1,046 in January of this year.
The least expensive apartment rents can be found in the Midwest. ABODO says that the cheapest one-bedroom rents can be found in Springfield, Missouri; Evansville, Indiana; Detroit; Wichita, Kansas; and Columbia, Missouri.
No Midwest market ranked as one of the most expensive. ABODO said that the highest median one-bedroom rents in May were found in San Francisco, New York City, Cambridge, Berkeley and San Jose.
The news is similar for two-bedroom apartments. ABODO says that the May national median two-bedroom rent took its biggest fall in 2018, droping to $1,230. That’s a drop of about two percentage points since January of this year.