Median monthly rents for apartments in the metro Milwaukee area fell 9.8% in July, year-over-year, the steepest decline of the largest 50 metro areas in the nation, according to a new report from Seattle-based real estate brokerage Redfin.
At $1,686, the median monthly rent in July for apartments in the metro Milwaukee area was 9th lowest of the 50 largest U.S. metro areas, according to the report. The Kansas City area had the lowest rents at $1,456 and Nassau County, New York had the highest rents at $4,209.
Milwaukee was one of only three metro areas with declining year-over-year apartment rental rates in July. The others were Minneapolis, down 8.1% to $1,748, and Baltimore, down 0.3% to $2,050.
The metro area with the highest year-over-year increase in median apartment rental rates in July was Cincinnati, which rose 31.4% to $1,750.
The national median asking rent in July was up 14% year-over-year to $2,032. That’s the smallest annual increase since November.
“Big rent hikes may finally be coming to an end as landlords adjust to waning tenant budgets that are being strained by the rising cost of groceries, gas and other regular expenses,” said Redfin chief economist Daryl Fairweather. “Still, rents are increasing faster than overall inflation, which has started to ease. We expect rental growth to continue to slow, but markets with strong job growth and limited new housing construction, like New York and Seattle, will likely continue to experience large rent increases.”