Apartment Rents Fall in Many Cities But Midwest is Stable and Rising

In my legal practice at Smith Slusky, we work with commercial real estate owners, especially those in the multi-family arena. Closely watching interest rates, property values and rent prices around the Omaha area, the Midwest and the country is part of our daily work.

Today are articles in Apartment List National Rent Report and Wall Street Journal "Some Big Cities See Apartment Rents Fall for the First Time in Years". 

While there is a flattening in the National Rental Price Index, some cities experienced a slight decrease in rent prices, others continue to experience steady growth.

National Rental Price Index

From August to September, rent growth was flat, resulting in national median rent prices of $1,120 for a 1-bedroom and $1,280 for a 2-bedroom. This is 2.1% higher than September 2015.

The 10 Cities With the Highest Rents

Some cities away from the coasts still made the top 25 spots like Minneapolis (#16), Atlanta (#19), and Austin (#25). See prices and rent growth for 100 cities in the table below.

10 Cities With the Fastest Growing Rents

• Colorado Springs, CO: Colorado Springs continues to show the fastest-growing rent prices in the country. Rent prices here are 9.1% higher than September 2015. Median rents in Colorado Springs are $800 for a 1-bedroom and $980 for a 2-bedroom.
• Omaha, NE: While Nebraska rents stayed steady at 0.7% year over year, Omaha lost a bit of rent growth by -0.4% since last year. Omaha rents are $750 for a 1-bedroom and $900 for a 2-bedroom. 
• Lenexa, KS: Kansas statewide saw rents increase 2.7% over the last year. Lenexa saw the largest increase at 7.5% Median rents in Lenexa are $850 for a 1-bedroom and $990 for a 2-bedroom.
 

Check out the full data for your city or county at Apartment List rental data page.