A look at the multifamily sector shows that apartment rents are still on the rise throughout the country, but two-bedroom apartments are gaining ground faster than one-bedroom apartments. A REJournals.com article on multifamily research by ABODO shows that the median rent for a one-bedroom apartment in the U.S. stands at $1,082, while the average two-bedroom in the U.S. will cost a renter $1,357 per month. The cost of a two-bedroom has risen 6.6% since January, while the rent for a one-bedroom has increased 4.45% from a year earlier.
The relatively modest rent changes can be attributed to a stable economy where inflation is tame and the Fed decided not to raise interest rates. This could translate to more home sales, keeping multifamily demand in check.
Across the Midwest, Cleveland was a big winner with one-bedroom rents climbing from $760 to $802 over the last month and two-bedrooms rising from $761 to $790.
Columbus saw a decrease in rent in one-bedroom apartments from $1,065 to $970, while Nashville saw drops in two-bedroom rents from $2,009 to $1,915.
Experts expect that rental prices will stay steady or increase slightly barring any major geo-political events in the near future.