COVID-19 has undoubtedly affected rental prices across the country, as 2 out of 3 tenants have been financially affected by the pandemic and in-person tours were interrupted in March and April. With so much uncertainty and the need for accessibility, we used our data to get a glimpse of what rent prices looked like the week of March 15 (when the orders for on-site accommodation and home stays started to be executed) and compared that to the week of June 15 to see the best cities with prices on a downward trajectory.
The top 10 cities with pandemic prices, or the largest rent declines during the three-month period, were spread across the country. According to the most recent unemployment figures from the United States Bureau of Labor and Statistics, almost all of the states that encompass these 10 cities had high unemployment rates between 11 and 16%, with the exception of Utah at slightly less 9%.
Overall, the southern cities were the most recurring with three cities in Texas, New Orleans and Nashville on this list. Laredo actually experienced the largest decline in the country, with room rent down 10.3%.
On the west coast, two expensive cities in California experienced a price pandemic, as rents for a room in San Jose and San Francisco fell 8.1% and 5.3% respectively. San Jose is the fourth most expensive market, while San Francisco is the most expensive city in the country. As people work more and more at home, they prioritize space and comfort over the amenities of big cities, so demand has moved away from some of the more expensive markets and the declines in those two markets really highlight this trend.
The two East Coast markets that experienced significant declines during this period are Newark and Pittsburgh, with room rents falling 10.2% and 5.9% respectively.
To conclude this list, the only Mountain State city on this list was Salt Lake City with rent down 6.5%.
As the effects of COVID-19 continue, we will continue to update this graph to see if American cities experiencing the pandemic are evaluating the most changes.
|Rank||City||March / June%|
|3||San Jose, California||-8.05%|
|4||Salt Lake City, UT||-6.52%|
|5||New Orleans, LA||-5.91%|
|7||San Francisco, California||-5.25%|
For a more in-depth explanation of how and why we calculate our rent data, see our methodology publication.
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