The Midwest is outpacing other regions when it comes to rent growth, according to the latest figures from online marketplace Apartment List.

After a few months of record-setting price declines, national rental demand is rebounding in line with the usual seasonal trend. Apartment List's national rent index increased by 0.3 percent over the course of February, marking a return to positive rent growth after five straight month-over-month declines. But year-over-year rent growth is continuing to decelerate, and now stands at 3.0 percent, its lowest level since April 2021.

Midwestern markets are leading the way nationally, surpassing even the previously red-hot Sun Belt locations. Oklahoma City has seen the nation's fastest metro-level rent growth over the past 12 months, with prices up by 6.8 percent year-over-year, followed by Hartford, CT. Beyond that, the top ten includes six Midwestern metros – Indianapolis, Chicago, Columbus, Cincinnati, Kansas City, and Milwaukee.