Renters fled from the most expensive cities in droves after the coronavirus pandemic began in the spring of 2020, in some states remote work continued into the following year and those who were able continued to leave major cities in search of more square footage, private outdoor spaces, less density and greater affordability.
The median one-bedroom price in the top seven most expensive cities decreased 15.2% in 2020 according to data from Zumper.
These drops were especially dramatic in the most expensive rental market in the country, San Francisco - Median one-bedroom prices were down 20.7% versus in 2019. New York, Oakland, Boston, San Jose, Seattle, Los Angeles, and Washington, D.C. all saw double-digit declines as well.
However, Zumper also showed a few other very interesting trends. First, the median one-bedroom price in the other 92 cities actually increased 5.3% over the year 2020. So, rather than a mass exodus to the suburbs, clearly, many of these city dwellers have simply swapped one urban location for another that offers more space and amenities for less money.
For example, Boston saw a 12.6% year-over-year drop in one-bedroom median rents, while just an hour away in more-affordable Providence, rents were up 9.5% during the same time period. Newark, Baltimore and Sacramento, all saw double-digit increases during the first year of the Covid-19 pandemic.
With the rental market ever-changing Livable can help you see that one thing stays controlled - your building utilities. Book a call with a team member to learn more about how Livable’s recovery data and estimates can help reduce your environmental footprint while generating revenue for your property.
Did you know without an airtight seal on windows and doors, you’re wasting energy when heating and cooling your home? You can check for drafts by holding a lit candle around window frames and doors. If it flickers, you have a draft - simply use caulking around window frames, install or replace weatherstripping, and on a drafty door add a door sweep.