Low Volatility Characteristic of Midwest Apartment Markets

Midwest region apartment markets tend to be the nation’s most stable. When looking at calendar-year effective asking rent change from 2010 to 2019 among the nation’s 50 largest apartment markets, Midwest markets rank among the least volatile. San Francisco has been the nation’s most volatile market, with annual rent change ranging from cuts of 3% to hikes of 15% in the past cycle. Other markets with big shifts in rents in that time frame include West region markets San Jose, Oakland, Las Vegas and Sacramento. On the other side of the performance spectrum, the nation’s markets with the lowest volatility in the cycle were Midwest markets Cincinnati, Indianapolis, Kansas City, St. Louis and Cleveland. A lot of this constancy has to do with limited supply and generally stable demand. With the two in relative balance, rent positioning in the Midwest tends to fluctuate less.

For more information on the state of Midwest apartment markets, including forecasts, watch the webcast Market Intelligence: 2025 Q3 Midwest Region Update.