Indianapolis Tops Miami in US Apartment Rent Growth in December
By Richard Lawson in CoStar News
The Indianapolis area's annual apartment rent growth topped the strongest markets in Florida in December to close a year when a surge in U.S. rent prices began to ease.
The metropolitan area including Indiana's capital had the highest annual rent growth in December at 7.4% to beat out Miami’s 6.8%, according to the latest report from CoStar Group’s Apartments.com. Indianapolis moved to the top as rent growth declined at a slower pace than other markets.
Rent prices have slowed considerably across the country because of lower demand, a stout construction pipeline and economic uncertainty kept more people in place rather than moving. The Sun Belt, particularly in Florida, no longer is as dominant as it was in 2021 and much of 2022 because migration patterns have slowed.
“With 2023’s national forecast predicting the highest new supply totals since the 1980s, expect vacancy to rise above 7% and rent growth to push much lower,” Jay Lybik, CoStar’s national director of multifamily analytics, said in a statement.
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