While the pandemic and economic downturn raged on this summer, US rents atypically dipped sharply. For example, these rents dropped 1.3% from March to June, while increasing approximately 2% in each of the three previous years, according to analysis by Apartment List.
And, high-priced coastal cities have taken the biggest hit. San Francisco, New York, Boston and other similar rental markets have recorded double-digit year-over-year rent declines.
But while rents have steadily decreased in the larger core cities of each metropolitan region, however, outlying suburban cities are not on the same track. Generally, rents in those areas have rebounded to pre-pandemic levels.
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Lisa Brown
Lisa Brown is an editor for the south and west regions of GlobeSt.com. She has 25-plus years of real estate experience, with a regional PR role at Grubb & Ellis and a national communications position at MMI. Brown also spent 10 years as executive director at NAIOP San Francisco Bay Area chapter, where she led the organization to achieving its first national award honors and recognition on Capitol Hill. She has written extensively on commercial real estate topics and edited numerous pieces on the subject.
