4 Big Cities Where Rent Actually Has Gotten Cheaper During the Pandemic
House prices are up almost everywhere – but not in some tech hubs where workers fled in 2022.
Across most of the country, rent prices are skyrocketing thanks to a scorching housing market and record inflation. But in a handful of tech hubs, rent is actually lower than it was at the start of the pandemic.
A new report from Realtor.com found that San Francisco median rent prices for small apartments - studios and two-bedroom apartments - are 13% and 3.3% lower than they were in March 2022, respectively. In San José, rents for studios, one-bedroom and one-bedroom apartments are all lower than they were before the pandemic (by 2.8% for studios, 0.6% for one-bedroom apartments and 1.1% for T2).
It's not just California cities that have seen rental prices drop for small apartments. In Chicago, the median rent for a studio is 10.4% lower than it was in March 2020, and in Washington D.C., studios are renting 0.7% less than two years ago.
For the most part, home prices in the United States have soared for buyers and renters during the pandemic. Yet the rise of remote jobs has led many workers to flee expensive cities in favor of less crowded, cheaper and more relaxed places to live. And that has led to lower rental prices in some cities.
It should also be noted that while rent for some apartments is below pre-pandemic levels in these four cities, they are not cheap places to live. The median rent in San Francisco is $2,982, according to Realtor.com. In Chicago, it's $1,856.
Meanwhile, median rents across the country have increased 19.3% over the past two years according to data from Realtor.com. In some popular cities like Miami, Austin, and Las Vegas, prices have risen even faster over the past year.
Why are rents cheaper in San Francisco?
Realtor.com's report highlights that while rent prices in tech hubs such as San Francisco, San Jose, Seattle, Chicago and a handful of other major cities are on the rise again after bottoming out last April , growth lags the national rate by more than 9 percentage points.
This suggests that many tenants “continue to prefer living in other, cheaper parts of the country,” the report said. This preference is likely due in part to the flexibility offered by remote work policies and shifts in work attitudes that drew workers out of big cities at the onset of the crisis.
Why is rent getting cheaper in San Francisco?
Realtor.com'sreport states that when rental prices in tech hubs like San Francisco, San Jose, Seattle, Chicago, and many other major cities rise again after hitting bottoms in April last year, the rise will be less than the national indicator by more than 9 percentage points.
This suggests that many renters “still prefer to live in other cheaper parts of the country,” the report says. This preference is likely due in part to the flexibility offered by remote work policies and the shifts in work attitudes that prompted workers to flee major cities as the crisis began.
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houses for rent
Sure! I can help you with that. To find houses for rent, there are several options available to you:
1. Online Rental Platforms: Websites like Zillow, Trulia, Apartments.com, and Rent.com provide extensive listings of houses and apartments for rent.
2. Local Real Estate Agencies: Check with real estate agencies in your area. They often have rental listings available or can guide you to property management companies that handle rentals.
3. Newspaper Classifieds: Some landlords still advertise rental properties in local newspapers. You can check the classifieds section for rental listings.
4. Social Media: Join local community groups or housing-specific groups on platforms like Facebook. Sometimes, people post available rentals in these groups.
5. Drive Around the Neighborhood: Some landlords may place "For Rent" signs on their properties. Take a drive or walk around the area you're interested in and keep an eye out for signs.
When searching for a rental house, make sure to consider factors such as location, size, price, amenities, and lease terms. It's also important to review the rental agreement thoroughly and understand the terms and conditions before signing anything.
Good luck with your search for a rental house!
