It’s not easy to afford apartment rents in the most desirable parts of big cities like New York, San Francisco and Chicago. But a new study from AppFolio shows that renters seeking space in the Midwest havce plenty of options if they’re looking for cheaper apartment units.
In fact, AppFolio found that apartment rents in Cleveland this May were the cheapest among the country’s biggest cities.
According to the site, the average monthly apartment rent in Cleveland in May was $845. And another Ohio city, Columbus, is the second least expensive, with an average monthly apartment rent of $937 in May.
Ranking fourth on AppFolio’s list is Detroit, where renters paid an average of $969 a month to rent in May.
Detroit, Columbus and Cleveland show up, too, on the list of cities with the cheapest rents per square foot.
AppFolio reported that renters paid an average of 98 cents a square foot in May, again ranking as the cheapest big city in the country in this category. In Columbus, the average apartment rent per square foot in May was only $1 a square foot, ranking ahead only of Cleveland.
Detroit came in third place on this list, with monthly rents averaging $1.05 a square foot in May.
The message here? Apartment rents might be sky-high in many of the biggest cities across the United States. But owners still have plenty of room to move those rents in some of the bigger metropolitan areas in the Midwest.
