Pandemic Blew Holes in Rents Nationwide

Key Highlights

• ApartmentList’s recent National Rent Report indicates how much rents changed throughout country from January 2020 to January 2021
• Rents down -1.2% y/y nationally
• Large coastal cities saw greatest rent decreases
• Mid-sized, more affordable cities saw greatest rent increases

Extreme Volatility in National Rental Market during Pandemic-20

The national rental market took a wild ride in 2020 due to the COVID pandemic.  By the time 2021 rolled around, rents have calmed on both the up and down sides.  It just may be that rent upper and lower limits may be more stable, at least currently.

According to ApartmentList’smost recent National Rent Report,large coastal cities took the biggest hit from the pandemic as renters fled to greener, less expensive places from which to work remotely.  Mid-sized, more affordable cities were the beneficiaries of that urban migration.

In Q4 2020, there was a rash of lease signings in some of the larger coastal cities as landlords offered tenants incentives, such free months of rent, cut rent prices and the elimination of some fees.   With these lease signings, rents began to crawling back from the bottom rungs of the rental ladder.

ApartmentList utilized data from the US Census Bureau’s American Community Survey.

 Largest Median Rent Decreases from January 2020 to January 2021

City           One-Year Change      January 2020    January 2021

San Francisco   -27%                  $2,685               $1,959

New York          -21%                  $2,020               $1,591

Seattle             -20%                  $1,829               $1,462

Boston              -19%                 $2,051               $1,653

Oakland CA       -15%                 $2,097               $1,785

Washington      -14%                  $1,872               $1,615

Arlington VA     -14%                  $2,073               $1,790

San Jose CA      -13%                  $2,338               $2,045

Chicago             -12%                  $1,355               $1,186

Jersey City NJ    -12%                  $1,931               $1,699

Largest Median Rent Increases from January 2020 to January 2021

Boise ID               +12%                 $931                $1,047

Fresno CA             +11%                 $1,137             $1,260

Gilbert AZ              +8%                  $1,674              $1,814

Chesapeake VA       +8%                  $1,374             $1,488

Bakersfield CA         +8%                  $1,143             $1,238

Albuquerque NM      +8%                  $937               $1,014

Greensboro NC        +8%                  $943               $1.014

Glendale AZ            +7%                  $1,134             $1,219

Las Vegas NV          +7%                  $1,369             $1,470

Memphis TN            +7%                   $946               $1.015

Thanks to ApartmentList.