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Midwest Could Maintain Multifamily Rent Growth Leadership Into 2025

Apartment Supply Overhang Keeps the Sun Belt Running Last in the Rent Growth Race
Louisville, Kentucky, has led the Midwest as the surprising market leader in multifamily rent growth over other parts of the country. Louisville apartments posted an average annual rate increase of 5.1% with a vacancy rate of 7.0%. (Getty Images/ iStockphoto)
Louisville, Kentucky, has led the Midwest as the surprising market leader in multifamily rent growth over other parts of the country. Louisville apartments posted an average annual rate increase of 5.1% with a vacancy rate of 7.0%. (Getty Images/ iStockphoto)
CoStar Analytics
June 20, 2024 | 1:58 AM

The Midwest has emerged as a surprising leader in apartment rent growth, a trend that began at the end of 2022 and is projected to continue through 2025. This shift marks a significant change in multifamily rental market dynamics, particularly in comparison to the once-dominant Sun Belt region.

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