Press release
Realtor.com® April Rental Report: Rents Begin to Rebound in Tech Hubs
Nationally, rents see their biggest growth since the onset of COVID - The median rent in the 50 largest U.S. metros grew 2.7% year-over-year, just below the
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[{"type":"text","content":"Nationally, rents see their biggest growth since the onset of COVID\n - The median rent in the 50 largest U.S. metros grew 2.7% year-over-year, just below the 3.2% pre-COVID growth rate\n - Rents in large tech cities were down 5.4% year-over-year, an improvement from the 6.6% decline earlier this year and a signal rents could reach pre-COVID levels this fall\n - Rents for two-bedroom units have now surpassed pre-COVID growth rates, up 5.2% year-over-year\n\n\nSANTA CLARA, Calif., May 18, 2021 /PRNewswire/ -- With tech companies beginning to announce their return to office plans, the rental markets in the nation's largest tech hubs began to turn around in April, while rental markets across the country took a big step toward returning to pre-pandemic norms, according to the realtor.com® Monthly Rental Report released today. \nIn April, the U.S. median rent averaged $1,483, up 2.7% year-over-year and the fastest growth since March 2020. Prior to the onset of COVID in March 2020, rents were growing 3.2% annually. Rents in the nation's largest tech cities, which saw prices fall dramatically in 2020 due to remote work, were down 5.4% from a year ago, an improvement from the 6.6% decline registered in February.\n\"Overall, the U.S. rental market is beginning to return to pre-pandemic levels. With the largest growth occurring outside of major cities, renters are encountering different scenarios depending on the market in which they are searching and size of the unit they are looking for. For instance, the median rent for a two-bedroom unit in Charlotte, N.C. is up 11% year-over-year while a similar sized apartment in Boston is renting for nearly 4% less than a year ago,\" said realtor.com® Chief Economist Danielle Hale. \"In tech centers, rent declines are getting smaller, signaling they are on the path to turnaround. If the trend continues, renters could expect to be paying pre-pandemic rates by as early as this fall.\"\nThe tech market recoveryIn April, the median rent in the nation's tech centers was $2,086, up 1.1% from March. Although rents continue to be lower in the largest tech centers like San Jose, Calif. (-12.5%), San Francisco (-10.9%), and Seattle (-7.3%), the declines are lessening, especially for larger two-bedroom units.\nDenver and Austin, Texas, are leading the rental market recovery in U.S. tech hubs, with the median ...