Demand for new multifamily units might have cooled some, but average apartment rents continue to rise, according to the latest research from Zumper, an apartment search service.
According to Zumper’s September rent report, the national median rent for one-bedroom apartments stood hit $1,209 in August. That’s up 2.2 percent from a year earlier.
The median hit $1,447 for a two-bedroom apartment. That’s a jump of 3.2 percent from August of last year.
Zumper pointed to Detroit as one Midwest market that saw a strong jump in rents. According to the company, Detroit’s median one-bedroom rent climbed 5 percent to $630. The median rent of a two-bedroom apartment rose 4.3 percent to $720.
Renters in Lexington, Kentucky, though, saw a break. Zumper reported that the median rent on one-bedroom apartments here fell 5.1 percent to $750. And in Akron, Ohio, the median one-bedroom rent dropped 5.3 percent to $540, while two-bedroom median rents fell 1.3 percent to $740.