While rents are dropping across the U.S., they have reached new highs last month in three cities in the Midwest.
While rents dropped for the ninth straight month at the national level in April, three cities in the Midwest reported record highs, according to a new report from Realtor.com.In Indianapolis, Indiana, the median asking rent was up 4.5 percent last month, compared to a year earlier, to $1,334. In Milwaukee, Wisconsin, it was up 3.8 percent to $1,671. In Minneapolis, Minnesota, it was up 2.5 percent to $1,529.
The increases in rent in Indianapolis, Milwaukee and Minneapolis are being driven by below-average unemployment rates and the slow pace of new multihome construction, Realtor.com wrote. Other cities in the Midwest, including Cincinnati, Cleveland and Chicago, might hit similar record highs this summer, according to the website.This upward trend is going against what is happening at the national level, where the median asking rent for apartments with up to two bedrooms fell by minus 0.
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