Apartment landlords are still collecting plenty of rent, according to the May National Rental Price Index from Zumper.
It’s little wonder that the multifamily market remains such a strong one. Vacancies are down and monthly rents remain high. Zumper reported that in May, the national average monthly rent for one-bedroom apartments stood at $1,215. The average rent for two-bedroom units was $1,463.
Both those figures are up when compared to Zumper’s May, 2018, Rental Price Index. Average one-bedroom monthly rents are up 2.5 percent, while two-bedroom rents are up 2.9 percent.
No Midwest cities made Zumper’s list of the five most expensive rental markets in the United States. In no surprise, San Francisco topped that list, with the average one-bedroom apartment renting for $3,700 a month and the average two-bedroom unit fetching $4,500 a month.
Average apartment rents did take significant monthly falls in two Midwest cities. Zumper reported that in Louisville, the average one-bedroom rent fell 5.3 percent from April to May, landing at $890 a month. That is the largest monthly dip in the country. Two-bedroom rents fell 4.8 percnt from April to May, landing at $990 this month.
And in Nashville, one-bedroom rents fell 5.1 percent from April to May. The average one-bedroom unit in the Nashville market was renting for $1,310 in May. Two-bedroom rents fell 5 percent to $1,320 on a month-to-month basis.