U.S. apartment rental markets are undergoing massive disruption as the covid economy costs millions of people their jobs and forces millions more to make their homes do triple duty as workplace and school.
Some of the cities once considered the most expensive rental markets have seen sharp rent declines, including college-focused cities and tech and education hubs.
Others, including 60 of the top 100 U.S. rental markets, have seen rent increases, and 23 of them have booked double-digit increases, according to Wolf Richter, CEO and publisher of Wolf Street.
Some data indicate an exodus from the most densely populated urban U.S. centers, in part because people are wary of coronavirus outbreaks like the one in New York City in the early days of the pandemic.
The U.S. unemployment rate was at 13.3 percent as of May 2020, but it’s a lot higher in many cities. “Plummeting rental prices in many of America’s largest population centers indicate significant population losses,” USA Today reported.
Eight California cities made Zumper‘s list of the 15 most expensive major rental markets by median asking rent price in August 2020.
Despite a 14 percent decline in the median asking rent price since June 2019, San Francisco remains the most expensive U.S. apartment rental market. A one-bedroom apartment there rents for a median price of $3,200 in August 2020 and a two-bedroom is $4,210.
These are the 15 most expensive U.S. cities to rent an apartment in August 2020 during the pandemic.
Monthly median rent for a one-bedroom apartment: $1,470
Year-on-year price increase: 5.8 percent
Monthly median rent for a one-bedroom apartment: $1,500
Year-on-year price increase: 8.7 percent
Monthly median rent for a one-bedroom apartment: $1,500
Year-on-year rental price increase: 2 percent
Monthly median rent for a one-bedroom apartment: $1,600
Year-on-year price increase: 0.6 percent
Monthly median rent for a one-bedroom apartment: $1,600
Year-on-year price increase: 3.2 percent
Monthly median rent for a one-bedroom apartment: $1,650
Year-on-year price decrease: -4.6 percent
Monthly median rent for a one-bedroom apartment: $1,700
Year-on-year price decrease: -4.5 percent
Monthly median rent for a one-bedroom apartment: $1,700
Year-on-year price increase: 3 percent
Monthly median rent for a one-bedroom apartment: $1,750
Year-on-year price increase/decrease: zero
Monthly median rent for a one-bedroom apartment: $1,760
Year-on-year price decrease: -7.4 percent
Monthly median rent for a one-bedroom apartment: $1,800
Year-on-year price decrease: -1.1 percent
Monthly median rent for a one-bedroom apartment: $2,140
Year-on-year price decrease: -4 percent
Monthly median rent for a one-bedroom apartment: $2,160
Year-on-year price decrease: -2.7 percent
Monthly median rent for a one-bedroom apartment: $2,220
Year-on-year price decrease: -3.5 percent
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Monthly median rent for a one-bedroom apartment: $2,300
Year-on-year price decrease: -9.4 percent
Monthly median rent for a one-bedroom apartment: $2,350
Year-on-year price decrease: -6 percent
Monthly median rent for a one-bedroom apartment: $2,840
Year-on-year price decrease: -6.9 percent
Monthly median rent for a one-bedroom apartment: $3,200
Year-on-year price decrease: -11.1 percent
