ABODO report: Detroit sees fifth-highest jump in apartment rents in September

detroit-apartmentby Dan Rafter

The average rent for a one-bedroom apartment jumped 6 percent in Detroit from August to September of this year. This gave Detroit the fifth-biggest one-bedroom rent jump during this time in the country, according to the latest rent report from ABODO.

The average rent for a one-bedroom apartment in Detroit stood at $572 in August. But in September, that figure jumped to $606.

Miami, Florida, saw the biggest increase from August to September, according to ABODO, a rise of 9 percent. One-bedroom rents here rose from an average of $1,599 to $1,739.

Other cities seeing bigger rent increases than Detroit were Bakersfield, California (9 percent); Philadelphia (7 percent); and Fresno, California (6 percent).

Other Midwest cities seeing big monthly rent jumps were Minneapolis (4 percent), Memphis (3 percent) and St. Louis (2 percent).

Of course, not all Midwest cities saw average apartment rents increase from August to September. According to ABODO, the average one-bedroom rent in Chicago fell 6 percent, while it fell by the same amount of Lexington.

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This entry was posted in Detroit commercial real estate, Illinois, Illinois real estate, Kentucky commercial real estate, Lexington commercial real estate, Michigan commercial real estate, Minneapolis commercial real estate, Minnesota real estate, Missouri commercial real estate, multi-family, St. Louis real estate and tagged , , , , , , , , , , , , , . Bookmark the permalink.

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