Small Markets See Biggest Increases in Apartment Rents

The multifamily market is beginning to perk up as the U.S. reopens and the pandemic wanes, but so far apartment rents have not been increasing at the same rate. Third-tier markets, generally smaller and less populous areas such as California's Inland Empire, North Carolina's Charlotte and Florida's Fort Lauderdale, are seeing rent growth above pre-pandemic levels, even as apartment rent growth in the larger first- and second-tier markets continues to underperform.