Press release
Realtor.com® December Rental Report: Rents in Major Cities Continue to Decline Double Digits
- San Francisco led the nation in declines with monthly rents falling 33.8%, 25.5% and 22.8% for studio, one-bedroom and two-bedrooms units year-over-year,
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[{"type":"text","content":"- San Francisco led the nation in declines with monthly rents falling 33.8%, 25.5% and 22.8% for studio, one-bedroom and two-bedrooms units year-over-year, respectively\n - Nationally, the median rent for studio units was $1,309; $1,483 for one-bedroom units; and $1,861 for two-bedroom units\n - Rent prices for one- and two-bedroom apartments were up compared to this time last year\n\n\nSANTA CLARA, Calif., Jan. 21, 2021 /PRNewswire/ -- Major urban markets, such as San Francisco and Manhattan, continue to see double-digit declines compared to last year, but rent increases in less dense areas have kept nationwide rents growing for one- and two-bedroom units, according to the realtor.com® December rental report released today. Nationally, the median rent for studio apartments was down 0.7% year-over-year, rent for one-bedrooms was up 0.8%, and rent for two-bedrooms was up 2.6% year-over-year. \n\"Right now is a great time for renters in major cities to lock in a low price for 2021,\" said realtor.com® Chief Economist, Danielle Hale. \"But renters in some other areas are seeing a very different trend. With more flexibility and more time at home, renters have sought out extra space, driving up rents in the suburbs and less dense markets. As vaccines are being rolled out nationwide, the question is, how much longer will these trends continue? What's clear, is that the mantra of real estate being local very much applies to rents, not just home prices.\" \nSan Francisco led the nation in declines with average monthly rents falling 33.8%, 25.5% and 22.8% for studio, one-bedroom and two-bedrooms units year-over-year, respectively. Rents for studios and one-bedrooms in nearby Santa Clara, Calif. and San Mateo, Calif. counties also saw double-digit decreases in December. Outside of the Bay Area, Manhattan, Boston, Seattle, and Washington, D.C. were among the metros seeing the largest year-over-year declines. These markets also represent some of the most expensive cities in the country, giving rents the most room to fall. \nIn December, the median studio rent in Manhattan was $2,288, down 21.0% year-over-year. Median one-bedroom rent in Manhattan was $3,100, down 18.4% compared to last year. Median two-bedroom rent in Manhattan was $5,200 in December, down 16.1% compared to last year.\nWhen it comes to rent increases, Sacramento, Calif. is ...