Apartment Rent Growth Leaders for Calendar 2023

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While about half of the nation’s largest apartment markets were logging rent cuts by the end of 2023, a handful of major metros are still seeing price increases. Most of the big markets that have avoided rents cuts are locations with manageable supply activity over the past five years or so. And many are located in the Midwest, which has maintained stable occupancy levels recently while most regions struggle to maintain apartment demand equal to completion volumes. Among the nation’s 50 largest apartment markets, Cincinnati was the national leader in apartment rent growth in 2023, with growth of 3.9%, according to data from RealPage Market Analytics. Annual increases also topped 3% in Boston, Chicago and Newark. Logging growth near 3% were a handful of Midwest markets (St. Louis, Milwaukee, Cleveland and Indianapolis) as well as Anaheim and Washington, DC. Anaheim, the only West region market on the list, surpassed nearby Los Angeles for average rental rates in September and, as of December, is now commanding rents $50 above Los Angeles prices.