COVID-19 has undoubtedly affected rent prices across the nation as 2 in 3 renters were financially impacted by the pandemic and in-person touring came to a halt in March and April. With so much uncertainty and need of affordability, we used our data to grab a snapshot of what rent prices looked like the week of March 15th (when Shelter-in-Place and Stay-at-Home orders began to be enacted) and compared that to the week of June 15th to see the top cities with prices on a downward trajectory.
The top 10 cities with pandemic pricing, or the largest rent declines within this three month period, were spread out throughout the nation. According to the most recent unemployment numbers from the U.S. Bureau of Labor and Statistics, nearly all of the states that encompass these 10 cities had high unemployment rates between 11-16%, with the exception of Utah at just under 9%.
Overall, southern cities were the most recurrent with three Texas cities, New Orleans, and Nashville on this list. Laredo actually had the largest decline in the country with one-bedroom rent falling 10.3%.
On the West Coast, two pricey California cities experienced pandemic pricing with San Jose and San Francisco one-bedroom rents down 8.1% and 5.3%, respectively. San Jose ranks as the 4th priciest market, while San Francisco is the most expensive city in the nation. As people are increasingly working from home, they are prioritizing space and comfort over big city amenities so there has been a demand shift away from some of the most expensive markets and the dips in these two markets really highlights this trend.
The two East Coast markets that saw significant declines during this time frame were Newark and Pittsburgh, with one-bedroom rents falling 10.2% and 5.9%, respectively.
Wrapping up this list, the only Mountain State city on this list was Salt Lake City with rent decreasing 6.5%.
As the effects of COVID-19 press on, we will continue to update this chart to see if the U.S. cities that feel the pandemic pricing the most changes.
Full Data
| Rank | City | March/June % |
|---|---|---|
| 1 | Laredo, TX | -10.29% |
| 2 | Newark, NJ | -10.20% |
| 3 | San Jose, CA | -8.05% |
| 4 | Salt Lake City, UT | -6.52% |
| 5 | New Orleans, LA | -5.91% |
| 6 | Pittsburgh, PA | -5.90% |
| 7 | San Francisco, Californie | -5.25% |
| 8 | Plano, TX | -5.10% |
| 9 | Irving, TX | -5.08% |
| 10 | Nashville, TN | -4.94% |
About
For a more in-depth explanation of how and why we calculate our rent data, view our methodology post.
To keep up to date with rent changes across the country, like or follow Zumper on Facebook, Gazouillement, and Instagram. In the market for a new place? Search apartments for rent on Zumper.
Contenu associé
