Rent prices across the country took the brunt of the early COVID economic downturn in 2020, with property owners and developers (im)patiently waiting for good news ever since. New February data from Zumper and ApartmentList, pulled together by ManageCasa, may finally be hinting to that turnaround.
According to ApartmenLiist, 9 out of 10 of cities most impacted by the pandemic exodus are beginning to see price rebounds. While a large number of rental vacancies permeate cities including San Francisco, Oakland, San Jose, Manhattan and Chicago, investors are picking up investment properties in anticipation of renter returns. The expected economic recovery on the horizon will only fuel demand (and push prices), with ApartmentList highlighting the growth already hitting smaller markets.
Zumper notes that Detroit, Anchorage, Virginia Beach, Indianapolis, Boise, Jacksonville and Durham had the largest rent growth last month, while Newark, Cleveland, Chicago, Providence and Des Moines suffered the biggest reduction in 1 bedroom rent prices.