Median monthly apartment rents in the Milwaukee metro area fell 9.8% in July, year-over-year, the biggest drop of the nation’s 50 largest metro areas, according to a new report from Real. based in Seattle…


Median monthly apartment rents in the Milwaukee metro area fell 9.8% in July, year-over-year, the biggest drop of the nation’s 50 largest metro areas, according to a new report Seattle-based real estate brokerage red fin. At $1,686, the median July monthly rent for apartments in the Milwaukee metro area was $9e the lowest of the 50 largest metropolitan areas in the United States, according to the report. The Kansas City area had the lowest rents at $1,456 and Nassau County, New York had the highest rents at $4,209. Milwaukee was one of only three metro areas to see year-over-year apartment rental rate declines in July. The others were Minneapolis, down 8.1% to $1,748, and Baltimore, down 0.3% to $2,050. The metro area with the largest year-over-year increase in median apartment rental rates in July was Cincinnati, which rose 31.4% to $1,750. The national median asking rent in July rose 14% year over year to $2,032. This is the smallest annual increase since November. “Big rent hikes may finally be coming to an end as landlords adjust to shrinking budgets for tenants who are strained by the rising cost of groceries, gas and other regular expenses. “said Redfin Chief Economist Daryl Fairweather. “Yet rents are rising faster than headline inflation, which has started to subside. We expect rent growth to continue to slow, but markets with strong job growth and limited new housing construction, such as New York and Seattle, will likely continue to see large rent increases.