Only five of the nation's 50 largest markets saw rents grow by 3% or greater for the year ending in May 2024, according to RealPage. "That was the fewest number of markets to record more than 3.0% rent growth since July  2020," RealPage Chief  Economist Carl Whitaker said.

These cities were Milwaukee, which rose 3.5%; Washington, DC at 3.3%; Kansas City at 3.3%; Cincinnati, at 3%; Greensboro at 3%.

Other cities that saw higher-than-normal rent growth include Cleveland at 2.9%; Newark at 2.7%; Chicago at 2.7%; Columbus at 2.6%; and Indianapolis at 2.6%.

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Erika Morphy

Erika Morphy has been writing about commercial real estate at for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.