Apartment Rents Drop as Residents Flee Gateway Cities
Rents dropped for the fourth months in a row, and major cities are losing population to secondary markets.
July 24, 2020 | Patrick Smith | GlobeSt.com
The rent is too high. Anyone living in a major US would most likely agree. Seems the pandemic and its related fallout have spurred action on that front, both in rental costs and where those rents are being paid.
US mutifamily rents decreased by $2 in June, down to $1,457, and year-over-year growth was in the negative for the first time since December of 2010.
A report by Yardi Matrix showed a .8% decline in the first half of 2020 and a .4% decline in the second quarter alone, a marked change from the 2.6% growth during the first half of 2019 and a 1.2% increase in the second quarter of the same year.
