Midwest multifamily market rent growth strengthens to open 2026

Midwest multifamily market highlights

• Multifamily operating conditions in the Midwest were mixed during the first quarter, as vacancy increased while asking rents moved higher. More than 4,900 units were delivered in the opening three months of the year, while roughly 34,400 units remain under construction.
• The vacancy rate continued to tick higher in the first quarter, rising 20 basis points to 6.1%. Year over year, regional vacancy increased by 30 basis points.
• Asking rents rebounded at the start of the year, with quarterly rent growth reaching 0.7% after a decline in the fourth quarter of 2025. During the past 12 months, asking rents have risen 1.5% to $1,584 per month.
• Multifamily investment activity in the Midwest gained momentum in the first quarter, with 25% more transactions taking place than in the same period of 2025. Year to date, the median sale price is $196,100 per unit, up 5% from last year, while cap rates have remained relatively stable at an average of 5.9%.

Download the full report below to explore Q1 2026 trends in the following Midwest multifamily markets:

• Chicago
• Cincinnati
• Indianapolis
• Kansas City
• Milwaukee
• Minneapolis
• Omaha
• St. Louis