Midwest Rent Growth Outperformed U.S. Norm in 2023

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Midwest rent growth outpaced the national average in 2023, for only the fourth time in almost two decades. The typically stable apartment industry in the Midwest tends to shine in moments when the U.S. overall does not. That was the case in 2023, as the U.S. logged annual rent growth at modest 0.3% while the Midwest saw more success with price increases of more than 2%. Over the past 17 years, there have only been three other times when Midwest rent growth outpaced the U.S. average, and in all of those cases, the U.S. apartment market was either experiencing a down year or was right on the cusp of one. During these down years the Midwest averaged a performance premium of about 1.4% over the U.S norm.

For more information on the state of apartment markets in the Lower Midwest or Plains region, including forecasts, watch the webcast Market Intelligence: Q2 Lower Midwest/Plains Region Update.