Multifamily Rents Spiked in These Cities
In Nashville, rents for 0-2 bedroom apartments plummeted 8.4%, with two Texas metros close behind
Across the nation in April, median asking rents for units of all sizes fell year over year. Parts of the Midwest, however, did not get the memo, and rents rose, according to Realtor.com’s April rental report.
In Nashville, rents for 0-2 bedroom apartments plummeted 8.4%, with two Texas metros close behind. In Austin, they dived 8.3%, in San Antonio 8.1% and in Houston 2.7%. Some Florida metros also fared poorly. In Orlando rents slumped 5.9%, in Miami 4.3%, in Jacksonville 3%, and in Tampa 2.5%.
Other Southern cities where renters could rejoice were Atlanta, Charlotte and Baltimore, which each saw rents drop 5.6%, Raleigh (down 5.3%), Memphis (down 4.9%), and Richmond (down 3%).
In the West, the losers were led by Phoenix, where rents plunged 4.6%, followed by San Francisco, down 4.3%, and Las Vegas, down 4%.
On a national basis, the median asking rent for 0-2 bedroom units dipped 0.7% from April 2023 to $1,916. However, the report found that the pace of rent declines has slowed, and they are only $33 below their peak in August 2022.
Studios took the biggest hit, with rents falling 1.7% to $1,443, while one-bedroom units saw a 1.4% drop to $1,601. In each case, the decline was a continuation of a months’ long trend.
In contrast, some Midwestern cities saw median asking rents climb– notably Indianapolis, where rents rose 4.5% on an annual basis, Milwaukee (up 3.8%) and Minneapolis (up 2.5%).
Other Midwestern cities where rents are still below peak could yet see surges this summer if the upward trend continues. This would include Cincinnati, Cleveland and Chicago. Indeed, the report noted, in come key Midwestern markets renters are facing increasing affordability challenges.