Discover key metrics for Milwaukee, St. Louis, Chicago, Tampa, Orlando, Detroit, Cleveland, Columbus, Cincinnati, and Kansas City.

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The bustling energy of moving season is beginning to subside, leaving multifamily property operators with a prime opportunity to analyze market trends and refine their strategies for the remainder of the year. By leveraging data-driven insights, you can optimize your leasing operations, maximize occupancy, and position your property for long-term success.

For Q3, Apartment List will provide in-depth analyses of rental market data for key metro areas. We’re kicking off with a deep dive into 10 dynamic markets: Milwaukee, St. Louis, Chicago, Tampa, Orlando, Detroit, Cleveland, Columbus, Cincinnati, and Kansas City.

Sharpen Your Strategy with Key Rental Market Metrics

Understanding these key metrics will equip you to make data-driven decisions and maximize your success. Take a look at what the Apartment List Research Team discovered below for

1. Time on Market

Time on market reveals how quickly units are leased, indicating market demand and the effectiveness of your leasing strategies. A shorter time on market suggests strong demand, allowing for higher rental rates. Conversely, longer vacancies might necessitate adjustments to pricing or amenities.

On average, the list-to-lease time for an apartment in our featured metros is:

• Milwaukee: 39 Days
• St. Louis: 57 Days
• Chicago: 41 Days
• Tampa: 43 Days
• Orlando: 47 Days
• Detroit: 39 Days
• Cleveland: 46 Days
• Columbus: 47 Days
• Cincinnati: 33 Days
• Kansas City: 46 Days

2. Average Resident Budget

Understanding the average resident budget is crucial for effective property management. Knowing residents’ spending power helps tailor amenities, set competitive rents, identify the target market, and predict occupancy.

Below are the average resident budgets in our featured metros compared to one year ago:

• Milwaukee: $1,405, up 4%
• St. Louis: $1,337, up 8%
• Chicago: $1,700, unchanged
• Tampa: $1,626, down 3%
• Orlando: $1,592, down 1%
• Detroit: $1,381, up 4%
• Cleveland: $1,295, up 4%
• Columbus: $1,342, up 2%
• Cincinnati: $1,354, up 5%
• Kansas City: $1,311, up 6%

Source: Apartment List