Monthly apartment rents are falling across the Midwest, for both one- and two-bedroom apartment units, according to the latest research from Zumper.
But area landlords shouldn’t be shocked. This is a trend across the country, with half of the top 100 markets that Zumper studies seeing median monthly apartment rents in October that were lower than in the same month a year earlier.
As Zumper reports in its November National Rent Report, the slowdown in growth in apartment rents across the country means that it is now more expensive nationwide to buy a home than it is to rent.
Zumper reported that the national median rents for both one-bedroom and two-bedroom homes fell in October for the second month in a row. The new national median monthly rent for a one-bedroom apartment is $1,449, a drop of 0.4% when compared to September.
The median monthly rent for a two-bedroom apartment came in at $1,856 in October, Zumper said. That was down 0.3% from the previous month.
Detroit ranked as the 77th most affordable apartment market out of the United States’ 100 largest metropolitan areas, according to Zumper.
Zumper said that the median price for a one-bedroom apartment in the Detroit market stood at $1,050 in October. That is down 4.5% from the same month a year earlier.
The median two-bedroom apartment rent was $1,100 in October, a dip of 4.3% from a year earlier.
New York City again ranked as the most expensive apartment market in October, with Zumper reporting that the median one-bedroom monthly rent here was $4,300, while renters shelled out a median price of $5,000 for a two-bedroom apartment. Both of those rents were more than 13% higher when compared to October of last year.
Chicago was the most expensive Midwest city for renters in October, with Zumper reporting a median monthly rent of $2,030 and median two-bedroom rent of $2,620.
Minneapolis ranked as the 42nd most expensive rental market in the country, with a median one-bedroom rent of $1,410 and a monthly median of $2,040 for two-bedroom units.
Dallas’ median monthly apartment rents were $1,390 in October. That figure was $1,940 for a two-bedroom unit. The most expensive rental market in Texas was Austin, where Zumper reported that the median monthly one-bedroom rent was $1,520 in October and the median two-bedroom monthly rent hit $1,970.
