Milwaukee has biggest drop in apartment rental rates of major U.S. metro areas

The average monthly rent for apartments in the metro Milwaukee area fell 9.8% in July, year-over-year, the biggest drop among the largest 50 metro areas in the nation, according to a new report from Seattle-based Real…

Average monthly rents for apartments in the metro Milwaukee area fell 9.8% in July, year-over-year, the biggest drop among the 50 largest metro areas in the nation. according to a new report from Seattle-based real estate brokerage redfin, At $1,686, the average monthly rent in July for an apartment in the metro Milwaukee area is 9.9%. wasth The least of the 50 largest US metro areas, according to the report. The lowest fare was $1,456 in the Kansas City area, and the highest fare was $4,209 in Nassau County, New York. Milwaukee was one of only three metro areas with declining year-over-year apartment rental rates in July. The others were Minneapolis, down 8.1% at $1,748, and Baltimore, down 0.3% at $2,050. The metro area with the biggest year-over-year increase in average apartment rental rates in July was Cincinnati, rising 31.4% to $1,750. The national average for rent-seeking in July rose 14% year-over-year to $2,032. This is the smallest annual increase since November. “Large rent hikes could eventually end as landlords tend to shrink their budget due to rising costs of groceries, gas and other routine expenses,” said Daryl Fairweather, chief economist at Redfin. “Nevertheless, fares are rising faster than overall inflation, which is beginning to ease. We expect rental growth to continue to slow, but markets with strong job growth and limited new housing construction, such as New York and Seattle, will continue to experience large rent increases.

Report: Milwaukee has biggest drop in apartment rental rates of major U.S. metro areas

Leave a Comment