Honolulu, Hawaii 2020-10-18 20:21:28 –
San Francisco (NEXSTAR) —If your job suddenly makes you work from anywhere, now may be a good time to start looking for your next apartment in the city of dreams.
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Realtor.com’s latest rent data shows that costs are down in 36 of the country’s largest housing markets compared to last year. During the pandemic, rents across the country fell slightly on average in one and two bedrooms, but fell much more in some of the country’s most expensive cities.
“Urban areas such as the Bay Area, Manhattan, Boston, Seattle and Washington DC all saw the largest rent declines compared to last year. These markets are also some of the country’s most expensive cities. It represents, and gives rent the most room for decline, “writes real estate agent analyst Nicholas Bed.
According to Bedo, the new remote flexibility of the technology sector will allow some people to flee dense cities. High-tech hubs in the San Francisco Bay Area have probably been hit hardest by falling rents. San Francisco is the leader in the nation with a median rent drop of 31%. Four neighboring counties ranked in the top 10 for falling prices for small apartments.
Want a studio in New York? Members of the National Association of Realtors say prices are down 15% from a year ago. A similar decline can be seen in Honolulu. This means that the renter’s market has returned to some of America’s most popular cities.
Tulsa, Oklahoma saw the biggest rent surge this year, with studios jumping 36%. However, the cost of these units is still around $ 750 per month, which is only part of the amount the landlord continues to charge studios in San Francisco, New York, and Honolulu.
Another trend the data covers is the shift to counties just outside the big cities.
“The presence of counties like the Bronx, NY. Pierce, Washington (Tacoma); Essex, NJ (Newark); Worcester, Massachusetts shows that housing demand is rising across major cities nearby.” Written Bedo. “This transition can be due in part to both affordability and COVID-19 responsiveness, as more people want a less crowded environment. Rental in these spillover markets. Offers lower rents, more social distances and still allows commuting on demand. “
Look up your numbers on Realtor.com.