(Graph | Courtesy of Zumper)
We at Zumper have just released a report discussing how the COVID-19 pandemic set off a wave of domestic migration trends not seen in generations, causing a dramatic disruption in rental markets that’s still playing out. This report analyzes rent prices in the 100 most populous cities in the U.S. from the start of the pandemic back in March 2020 until the vaccines started to roll out in January 2021 and examines its effect on rental markets.
Highlights:
- Many cities on the East Coast that experienced rent drops after March 2020 have started to reverse course, especially New York City, which saw its rent dropping 17.5 percent in January 2021, but today is down only 5.9 percent compared to March 2020. San Francisco saw rent dropping 23.40 percent between March 2020 and January 2021. Have seen minor upticks in rent since January 2021.
The full report and discussion can be found at zumper.com/blog/pandemic-rent-trends-report-2021.
