As homeownership surges in demand, rental prices are taking a hit in many large cities. Rents fell in 37 of the nation’s 100 largest counties in December 2020, with rental prices in some of the traditionally highest priced tech hubs seeing some of the biggest drops.
“Some of the major factors that attract renters to dense downtowns—proximity to work and restaurants and fun things to do—are not currently relevant,” says Danielle Hale, realtor.com®’s chief economist. “Without these strong lures, many renters are looking to save money and get some more space by moving to the suburbs.”
Hale foresees that rents will bounce back after COVID-19 vaccinations efforts grow. But in the meantime, renters in big cities and surrounding counties are scoring some sizeable deals. Realtor.com® researchers looked at median year-over-year prices of one-bedroom apartments, townhomes, condos, and homes for rent in the 100 largest counties in December. Here are the counties where rents have fallen the most:
1. San Francisco
- Median rent: $2,750
- Year-over-year change: -25.5%
2. New York
- Median rent: $3,100
- Year-over-year change: -18.4%
3. San Mateo, Calif. (San Francisco suburb)
- Median rent: $2,395
- Year-over-year change: -17.6%
4. Suffolk, Mass. (Boston)
- Median rent: $2,500
- Year-over-year change: -17.6%
5. King, Wash. (Seattle)
- Median rent: $1,726
- Year-over-year change: -14.5%
6. Washington, D.C.
- Median rent: $2,034
- Year-over-year change: -12.9%
7. Middlesex, Mass. (Boston suburbs)
- Median rent: $2,145
- Year-over-year change: -12.5%
View the full list at realtor.com®.
Source: “Looking for a Pandemic Bargain? Here Are the Places Where Rents Have Fallen the Most,” realtor.com® (Feb. 1, 2021)
