The rental market has taken a plunge for the last 8 months. Typically rent goes up in the warmer months and studies have shown that it is also when people rather move for convenience.
However, due to the pandemic, moving and convenience has been thrown out the window. The market of rent is actually down 25% in some major metro cities, leaving the possibilities open to living in your favorite city, finding a rent special in the city you are based in or exploring the option of moving to somewhere new.
San Francisco
San Francisco is named as the most expensive city to hold residence in the U.S. Home to some of the largest tech companies in the world, San Francisco serves as a career hub. Studios & 1 bedroom apartments usually range at $1,700, but is currently down nearly 22%.
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New York City
Proclaimed as the “best city in the world” by many has seen a recent plummet in the rental market. People come to New York for the lifestyle, career changes, and eclectic culture. However, In the first 6 months of the pandemic, the borough of Manhattan had 15,025 vacant apartments & rent has decreased up to 15%.
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Seattle
Home to many millennials and great community culture, Seattle has also seen a remarkable decrease in rental prices. While people usually flock to Seattle to enjoy all of the outdoor activities, sporting events, and music festivals, all of that has come to a halt.
Many new residents have returned back to their hometowns. This city still has a ton to offer and with a decrease of 14% in rent prices, it might be worth it to stick around.
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