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300,000 or less.
1. Long Beach, CA (-31.0%) 2. Seattle, WA (-30.6%)
3. Chesapeake, VA (-25.2%) 4. St. Petersburg, FL (-24.5%) 5. San Francisco, CA (-24.0%) 6. Chula Vista, CA (-23.5%)
7. Fort Wayne, IN (-20.7%) 8. Oakland, CA (-20.6%)
9. Greensboro, NC (-19.7%) 10. Miami, FL (-18.6%)
RENT TRENDS YEAR-TO-DATE
Earlier this month, Harvard’s Joint Center for Housing Studies published a report about how renters have responded to financial stress during the pandemic. The study estimates that incomes fell for about half of all renters during the COVID- 19 pandemic, citing an array of renter surveys. The losses were most pronounced among renter households headed by people of color or younger people, and those with lower incomes.
The study suggests that this trend continues into 2021, so we will continue to keep an eye out for rental trends we’ve seen so far in the pandemic — most notably, a trend toward household consolidation, which mirrors what was seen in the Great Recession of 2008.
ABOUT THIS REPORT
Our April 2021 Rent Report highlights year-over- year rent trends and price fluctuations that renters may be experiencing in various parts of the United States. We compare rent prices for studio, one- bedroom, two-bedroom and three-bedroom apartments to determine which unit types and which of the country’s most populated cities are becoming more affordable or more expensive for renters.
We also offer a key few takeaways and insights — such as whether or not markets with the largest rent increases are also those with the most expensive rent prices, and which regions of the country are most favorable to renters right now.
METHODOLOGY
To determine average rent prices, we started with March 2021 data from Apartment Guide and Rent.com’s multifamily rental property inventory. From there, we evaluated changes seen since March 2020. Monthly prices are based on the average price for that respective month. We used a weighted average formula that more accurately represents price availability for each individual unit type and reduces the influence of seasonality on rent prices in specific markets.
The U.S. Census divides the country into four geographic regions: Northeast (Connecticut, Maine, Massachusetts, New Hampshire, New Jersey, New York, Pennsylvania, Rhode Island, and Vermont); Midwest (Illinois, Indiana, Iowa, Kansas, Michigan, Minnesota, Missouri, Nebraska, North Dakota, Ohio, South Dakota and Wisconsin); South (Alabama, Arkansas, Delaware, Florida, Georgia, Kentucky, Louisiana, Maryland, Mississippi, North Carolina, Oklahoma, South Carolina, Tennessee, Texas, Virginia, District of Columbia and West Virginia) and West (Alaska, Arizona, California, Colorado, Idaho, Montana, Nevada, New Mexico, Hawaii, Utah, Washington and Wyoming).
The top 100 cities in our analysis were determined by 2019 U.S. Census Bureau population estimates. We excluded cities with insufficient inventory in each time period to eliminate potential outliers or highly volatile data caused by a small sample size. Rent price increases and decreases per time period are based on the percentage change of apartment rental prices from March 2020.
RentPath is a leading digital marketing solutions company, that empowers millions nationwide to find apartments and houses for rent. Through its brands, RentPath continues to simplify the apartment search experience while driving quality advertiser leads that result in occupancies and a high return on investment. With powerful online and mobile solutions that provide prospective renters with the information and tools they need, RentPath connects consumers with a home that reflects their personal lifestyles. Learn more online at https://www.rentpath.com/
CS-38 JUNE 2021 - APARTMENT MANAGEMENT MAGAZINE