Apartment rents across the country are falling – at least a bit – in what is good news for renters and not-so-great news for multifamily owners.
According to the latest research from ABODO, the national median one-bedroom apartment rent fell from $1,016 in July to $1,013 in August.
That’s not a huge drop, of course. But it does continue a trend that ABODO has been charting this year: apartment rents that are falling consistently during the first half of 2017.
ABODO said that the highest median one-bedroom rent that it’s every charted happened twice this year, first in January and then again in July. That’s when this number hit $1,016. But every other month of the year, national median rents have dropped when compared to the previous month.
Of course, rents haven’t fallen everywhere. In fact, two cities in Ohio saw their median one-bedroom rents jump signifiantly from July to August.
ABODO reported that one-bedroom rents in Cleveland rose 5 percent, while they jumped 4.8 percent in Columbus. Those cities ranked seventh and eighth when it came to the biggest rent jumps across the country.
New Orleans saw the biggest increase in rents from July to August, a jump of 8.6 percent, according to ABODO.