Midwest

By Yanitza Brongers-Marrero, Moody Nolan Rent growth in cities across the Midwest is booming, encouraging developers and municipalities alike to ramp up investment in the region. As interest shifts away from coastal markets that became overbuilt during the pandemic, the Midwest’s stability and growth potential are coming into sharper focus.  Columbus, Ohio, is leading the charge with adding 30,348 new residents in the past year, a 1.4 percent growth rate that outpaces both the national (1 percent) and Midwest (0.6 percent) averages, according to the latest U.S. Census estimates. Projections suggest the region could gain another million residents by 2050, underscoring its long-term demand for housing.  Chicago, meanwhile, remains the Midwest’s economic engine. The metro area ranks third in the U.S. by GDP at $860 billion and saw a 4.6 percent year-over-year rent growth in June, according to CoStar. The city also added 22,164 residents from mid-2023 to mid-2024, marking the seventh-largest population gain in the U.S.  Together, these cities, along with Minneapolis, are shaping the next chapter of multifamily investment and housing innovation in the Midwest.  What are the major influences you’re seeing fuel the growth in demand for multifamily projects in the Midwest?  Being five years out from …