Research 10/ 5/ 2022

Midwest Q2 Multifamily Market Insights: Vacancies drop and rents rise

Highlights:

Midwest region multifamily market report snapshot for Q2 2022
  • Multifamily property performance improved in the Midwest in the second quarter with vacancies tightening and rents on the rise.
  • The average vacancy in the region dipped 30 basis points to 4.5 percent in the past three months. Year over year, vacancy has dropped 90 basis points.
  • Most markets across the region have posted annual rent increases of more than 10 percent. The pace of growth moderated across several markets during the second quarter.
  • Investment trends were mixed across the region in the second quarter. Prices are generally higher in 2022 than they were in 2021, and most markets have cap rates around 5 percent. Cap rates will likely trend higher in the second half.

Read the report