Midwest Region Still Seeing Rent Growth in May

  in   COVID-19 ,   Insights

The Midwest was the only region to avoid rent cuts in May. In the nation overall, the economic fallout continued due to the COVID-19 pandemic, and the U.S. apartment market turned to rent cuts for the first time since April 2010, slicing rents by 0.5% in the year-ending May. Only the Midwest is still seeing rent growth, with prices up by 0.8% year-over-year. This reading was boosted by performances in Cincinnati, which posted growth of 2.8%, and Indianapolis and St. Louis, which saw increases close to 2%. Meanwhile, rent change in the Northeast fell stagnant, and prices were cut by 0.5% and 1.2% in the South and West, respectively. This was quite a difference from the performances from three months ago, when the West region was the nation’s leader, with annual rent growth at 3.3%, followed by increases of 3% in the Northeast, 2.7% in the Midwest and 2.6% in the South.