In terms of apartment market performance, the Upper Midwest has historically been a slow but steady growth region. While many other markets nationwide are facing a 40- to 50-year peak in new inventory growth, the Upper Midwest is seeing a characteristically modest supply.
But even with this limited supply and relatively stable, but not extraordinary, demand, several regional markets surprisingly lead the U.S. in recent rent growth. Whether or not this trend will continue beyond 2024 and into 2025 remains to be seen, as economic and population growth remains fairly modest.
Join RealPage® market experts Dustin Weaver and Carl Whitaker for their recap of recent Upper Midwest market fundamentals and an in-depth look at what’s on the horizon.
Markets Covered:
- Akron, OH
- Ames, IA
- Ann Arbor, MI
- Appleton, WI
- Bloomington, IL
- Bloomington, IN
- Canton, OH
- Cedar Rapids, IA
- Champaign-Urbana, IL
- Chicago, IL
- Cincinnati, OH
- Cleveland, OH
- Columbus, OH
- Davenport, IA
- Dayton, OH
- Des Moines, IA
- Detroit, MI
- Duluth, MN
- Elkhart, IN
- Evansville, IN
- Flint, MI
- Fort Wayne, IN Grand Rapids, MI
- Green Bay, WI
- Indianapolis, IN
- Iowa City, IA
- Jackson, MI
- Kalamazoo, MI
- Lafayette, IN
- Lansing, MI
- Madison, WI
- Milwaukee, WI
- Minneapolis, MN
- Oshkosh-Neenah, WI
- Peoria, IL
- Rochester, MN
- Rockford, IL
- Saginaw, MI
- Sioux City, IA
- South Bend, IN
- Springfield, IL
- St. Cloud, MN
- Toledo, OH
- Youngstown, OH
Dustin Weaver is a Market Analyst with RealPage's Data Analytics division, where he focuses on conventional apartment market analysis, research and data methodology. Dustin leverages his background in partnering with institutional investors and REITs to enable easier consumption and application of multifamily data and analysis.
Carl Whitaker
Vice President & Chief Economist, RealPage, Inc.Carl Whitaker is RealPage’s Chief Economist, leading the company's team of economists and market analysts. Carl and the Market Intelligence team specialize in analyzing and disseminating economic and market trends for the rental housing industry. He primarily focuses on presenting trends in the rental housing industry to a wide audience, including investors, asset managers, operations professionals and media, among other personas. Carl has been cited in the Wall Street Journal, Bloomberg and GlobeSt and is a frequent keynote speaker for industry events. Carl holds degrees from the University of North Texas, including a Master of Science in Applied Geography.
