COVID-19 has undoubtedly affected rental prices across the country, as 2 in 3 renters were financially affected by the pandemic and in-person tours ended in March and April. With so much uncertainty and need for affordability, we used our data to take a snapshot of what rent prices looked like the week of March 15 (when Shelter-in-Place and Stay-at- Home started to be enacted) and compared that to the week of July 15 to see the best cities with prices on a downward trajectory.
Comparison for the week of March 15e the week of July 15e, the new cities that were added to this updated list of the biggest rental price drops during the pandemic were Wichita, Milwaukee, Boston and Providence.
The cities of California and Texas appear to be the hardest hit in July, as they made up the top four markets. According to the most recent data from the Bureau of Labor and Statistics, both states had recent double-digit unemployment rates. Laredo, which was also the number one city in our report last month, has seen its rent fall by more than 15% since March. San Francisco and San Jose have both advanced one place each from last month to place second and third. Irving was the last city in the top 4 with rent falling 7.4%.
Newcomers Wichita, Milwaukee and Boston made the next ranking with rents all falling around 7%. Meanwhile, Nashville continued to stay on this top list with rent down 5.6%.
The east coast cities of Providence and Pittsburgh rounded out our top 10 with rents that have fallen by around 5% since March.
View last month’s data here.
|City||March 1-15 Median rent||July 1-15 Median Rent||% Change|
|Laredo, Texas||$ 875||$ 740||15.43%|
|San Jose, California||$ 2,549||$ 2,333||8.49%|
|San Francisco, California||$ 3,500||$ 3,235||7.57%|
|Irving, Texas||$ 1,126||$ 1,043||7.37%|
|Wichita, KS||$ 700||$ 650||7.14%|
|Milwaukee, WI||$ 1,175||$ 1,095||6.81%|
|Boston, MA||$ 2,500||$ 2,339||6.45%|
|Nashville, TN||$ 1,435||$ 1,355||5.57%|
|Providence, RI||$ 1,500||$ 1,420||5.33%|
|Pittsburgh, Pennsylvania||$ 1,160||$ 1,099||5.26%|
For a more in-depth explanation of how and why we calculate our rent data, see our methodology article.
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