Chicago, Detroit, Kansas City, Columbus and Indianapolis all ranked among the top 10 markets in the United States for multifamily rent growth as of September of this year, according to the latest research from Coldwell Banker Commercial.
In its Fall Trend Report 2024, Coldwell Banker Commercial reported that Kansas City, Missouri’s, average apartment rent was 4.2% higher in September of this year than it was a year earlier.
Kansas City ranked as the major market with the second-highest year-over-year rent growth, trailing only New York City, which saw its September rents increase by 5.4% when compared to the same month a year earlier.
Indianapolis ranked fourth on Coldwell Banker Commercial’s list with a year-over-year multifamily rent growth of 3.3%, while Detroit took home the sixth spot, with its September rent increasing by 3%.
Columbus’ rents jumped 2.8% on a year-over-year basis, good for seventh on the list, while Chicago came in ninth place, with its apartment rents increasing 2.4% on a year-over-year basis.
Many major markets don’t have enough rental housing to meet demand. But which Midwest or Texas cities are seeing the largest supply of new apartment units? Coldwell Banker Commercial pointed to Dallas, which is expected to have added a total of 74,465 apartment units to its inventory from 2023 through 2025 and beyond. That ranks this Texas city second overall to New York City, which is expected to have added 143,383 rental units during this same time.
Austin came in third on Coldwell Banker Commercial’s list, expected to have added 67,550 apartment units from 2023 through 2025 and beyond, while Houston is expected to have added 55,367 during this same period.
In the Midwest, Coldwell Banker Commercial expects Nashville to have added 32,497 units, good for 16th in the country, and Minneapolis to have added 29,680, ranking 19th in the country. San Antonio ranks 21st on Coldwell Banker Commercial’s list, expected to have added 22,270 apartment units, while Chicago ranks 22nd, with 21,490 new multifamily rentals.
