Five of the nine consistent performers are in the Midwest
Only Nine Apartment Markets Avoided Rent Declines in the Past Five Years
Only a handful of the nation’s largest apartment markets have achieved uninterrupted year-over-year rent growth over the past five years—and most of them are in the Midwest, according to a new RealPage analysis.
Nationwide, average annual rent growth from October 2020 through September 2025 was 5.8%, though the national average included a -1.3% low, reflecting significant variability across the country. In contrast, all nine markets with sustained growth never found themselves in negative territory during the five years, underscoring their stability.
Five of the nine consistent performers are in the Midwest, highlighting the region’s historically balanced supply-demand dynamics. Virginia Beach and Cincinnati led the list with five-year average growth of 5.8% and 5.7%, respectively, maintaining strong resilience with no year experiencing a decline. Other notable markets included Columbus (5.2%) and Kansas City (5.1%).
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In the Northeast, Philadelphia was the only metro to register uninterrupted growth, while Baltimore, Milwaukee and Cleveland posted the lowest five-year averages, ranging from 4.1% to 4.4%. Despite the lower averages, these markets still outperformed national periods of rent decline, providing stable returns in less volatile environments.
Volatility in rent growth among these nine metros was strikingly low. Cleveland led in stability, with fluctuations of just 92 basis points (bps) over five years, followed by Milwaukee at 94 bps—well below the U.S. average of 169 bps. The combination of steady growth and low variance makes these markets especially appealing for investors seeking predictable cash flow and lower downside risk.
The absence of negative growth in these markets points to strong local economic fundamentals and balanced housing markets. Factors such as stable employment, limited new supply and steady population trends likely contribute to their consistent performance.
Even markets with lower five-year averages, like Baltimore, remain preferable to more volatile U.S. markets, offering a reliable “floor” for portfolio performance when nationwide conditions are uncertain.
Source: GlobeSt.
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