Slow-and-steady performance is a general expectation among Midwest metros and their multifamily markets. But with rising economic uncertainty and cooling year-over-year performance readings across many major U.S. markets, there has been newfound rental housing interest in the typically quiet and affordable Midwest region.
While cap rates have shown some increases in recent months, the Midwest markets remain among the nation's highest. Supply has increased above recent norms but remains well below the sharp increase seen in most major markets. But, generally, both modest economic growth and (in some markets) challenging migration trends inform an uncertain long-term outlook.
Join RealPage® market experts as they share their insights into the nation's Midwest set of apartment markets and delve into 2023 and early 2024 forecast expectations.
Multifamily markets covered in this discussion include:
- Akron
- Ann Arbor
- Bloomington
- Champaign-Urbana
- Chicago
- Cincinnati
- Cleveland
- Columbus
- Davenport
- Dayton
- Des Moines
- Detroit
- Evansville
- Fargo
- Flint
- Fort Wayne
- Grand Rapids
- Indianapolis
- Kalamazoo
- Kansas City
- Lafayette-West Lafayette
- Lansing-East Lansing
- Lincoln
- Madison
- Milwaukee
- Minneapolis
- Oklahoma City
- Omaha
- Saginaw
- Sioux Falls
- South Bend
- Springfield
- Louis
- Toledo
- Tulsa
- Wichita
- Youngstown
Arben Skivjani serves as a Deputy Chief Economist and Data Scientist for RealPage, Inc. His primary focus is on forecasting and econometric modeling, economic impact studies, reporting and analysis of macroeconomic trends that affect the multifamily industry. Prior to joining RealPage, Arben worked for several government and private sector entities, including the District of Columbia Department of Employment Services, Center for Business and Economic Development at the University of Alabama and Camoin Associates in Upstate New York.
Arben is heavily involved in the Dallas/Fort Worth Association for Business Economics where he currently serves as Vice President and is a member the National Association for Business Economics.
Arben holds a master’s degree in economics from The University of Alabama.
Robin Young
Head of Market Research, Buildium, RealPage, Inc.As the head of market research for the mixed-use division of RealPage, Robin leverages her background in social science research and interest in real estate economics to uncover trends in the rental market. Her research provides small-business property managers with a 360-degree view of the industry, sharing insights gleaned from surveys of thousands of property managers, rental owners and renters each year. She’s best known as the author of the annual Property Management Industry Report, a Buildium®, Propertyware® and NARPM® joint publication.
