Between June and July, an unexpected city posted the highest month-over-month rent increase: Milwaukee. Realtor.com staffer Clare Trapasso reports that Milwaukee rent increased 15%, making the average cost of a one-bedroom apartment in the city $1,010.
While the city saw the highest month-over-month increases, that's actually a 7% decrease from the previous year. Prices in the city still have not reached other top markets, but a scarcity of rentals has pushed prices up:
The problem is getting worse as more home owners sell the houses they had been leasing out after the housing bust, now that prices have recovered. And local companies like Milwaukee Tool have been expanding recently, boosting local employment but straining the already tight supply of available rentals.