Among the uncountable impacts of the Covid-19 pandemic, some impacts are on the rental patterns as well. In the USA, several residents who lived in elite areas and in expensive rental homes, packed up their stuff and moved to smaller cities or areas with low rental properties. Furthermore, the increased remote working opportunities and work from home orders have made it easier for people to opt for homes in farther neighborhoods as well.
As the infographic shows, the largest decrease in the rental prices of apartments was seen in San Francisco that too, for a one-bedroom apartment. A 45 percent decrease in the rental prices of one-bedroom apartments in San Francisco indicates how people are escaping from places with exorbitant rents. As for a two-bedroom apartment, the rental fares went down by 24 percent over a year from March 2020 to March 2021.
Chesapeake in Virginia which is located at a very ideal place and close to naval installations saw the second-largest annual decrease in the rental fares i.e., 29.4 percent. Whereas, New York City saw a 27.3 percent decline followed by Colorado with a negative 24.6 percent and Los Angeles with a negative 16 percent.
Surprisingly, some US cities have recorded a spike in rental fares of apartments such as Kansas City where the price for one-bedroom apartment rent increased by 33.5 percent year-over-year. Gilbert in Arizona saw another massive spike with 26 percent whereas, Las Vegas with 25.3 percent also posted an increase in rental fares.
Infographic by: Statista.com