Rent prices are spiking across the nation, and Madison, Wisconsin, hasn’t been immune.
According to a new report by Apartment List, last month alone the median rent rose by 1.2%—the highest month-over-month rent growth among the nation’s 100 largest cities. Similar rent growth took place in Fayetteville, North Carolina (0.9%) and Lincoln, Nebraska (0.9%).
In the same vein, Madison was also found to be the 39th most expensive large city in the U.S. Citywide, the median rent stands at $1,378 for a one-bedroom apartment and $1,634 for a two-bedroom. Across all bedroom sizes (i.e., the entire rental market), the median rent is $1,550, based on the report. For comparison, the median rent across the nation as a whole is $1,170 for a one-bedroom apartment, $1,341 for a two-bedroom and $1,364 overall—13.7% higher than the national and similar to the prices you would find in Oakland, California, and Colorado Springs, Colorado.
That said, it must be noted that though rents this have risen 3.8% this year alone, it has been at a much slower rate compared to what the city was experiencing at this point last year: from January to September 2022 rents had increased 16.2%.
