2023 Rent Growth Especially Strong in Some Midwest Markets

The Midwest comprised more than one-third of the nation’s top apartment rent growth performers in 2023. Price increases across the Midwest have been supported by limited new supply volumes and stable apartment demand in recent years. Among the nation’s largest 150 apartment markets, Fargo and Madison logged top five performances, with effective asking rents climbing around 6% in calendar 2023. Prices were up by about 5% in Lincoln and Champaign-Urbana, while small Midwest markets with rent growth around 4% included Youngstown-Warren-Boardman, Grand Rapids, Dayton, Akron and Omaha. Meanwhile major markets Cincinnati and Chicago were the top two performers among our 50 largest markets, with prices growing 3.6% in each in calendar 2023. In fact, only two Midwest markets among the top 150 to trail the U.S. average for rent growth in 2023: Kalamazoo and Fort Wayne.

For more information on the state of apartment markets across the Midwest, including forecasts, watch the webcast Market Intelligence: Q1 Midwest Region Update.