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Asking Rents Continued to Rise in April, But at a Slower Pace

Pro Builder

Rents declined 8% in Milwaukee, WI, 4% in Kansas City and 2% in Minneapolis. Asking rents surged 46% year over year in Austin, TX—the largest increase on record in any metro area since at least the beginning of Redfin’s rental data in 2019. This was the first annual decline in Redfin’s data for Minneapolis. Build to Rent.

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Home Prices Plateaued in October as Rising Mortgage Rates Put Pressure on Buyers’ Budgets

Pro Builder

On the flip side, home prices continued to rise in affordable metros like Milwaukee, Hartford, and Kansas City, which saw gains of 0.9%, 0.9%, and 0.8%, respectively. Las Vegas, Austin, and Raleigh saw the largest monthly changes with price drops of -2.3%, -2.2%, and -1.1%, respectively.

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Monthly Asking Rents Rose to a New High in February

Pro Builder

On the contrary, Milwaukee and Kansas City were the only two metros tracked by Redfin where rents declined year-over-year in February. Housing costs are on the rise for both renters and buyers, but elevated mortgage rates are making homeownership the least affordable option.

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Workers Are Moving to These Smaller Metros

Pro Builder

In the meantime, among all metro areas, Salt Lake City ranked as the 15th metro area with the lowest unemployment rate (5.3%). As for Milwaukee and Kansas City, both areas are located in states with fewer COVID restrictions.

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June Asking Rents Posted Smallest Increase Since October as Landlords Respond to Falling Demand

Pro Builder

Milwaukee, Minneapolis, and Kansas City saw rents fall by 12%, 7%, and 1%, respectively, and the same three metro areas reported rent drops in April and May as well. Cincinnati recorded the largest jump among the 50 most populous U.S. metropolitan areas in June with a 39% year-over-year gain in its median asking rent.

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Iowa: Moving To The Top Of The Class

Business Facilities

Crisscrossed by four interstates and over a dozen state and federal highways, the Quad Cities region is located 2½ hours away from Chicago, and within a five-hour truck drive of Milwaukee, St. Louis, Kansas City, Des Moines, Indianapolis and Omaha.

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