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That although the local sales market has seen little impact from the pandemic, the rental market has been negatively impacted? Insurify researched the twenty cities with the most significant decreases in rent costs during the pandemic. While nationwide rents have been stable with an average change of .0067% between March and September, rents have declined appreciably in some cities.
In 17 of the 20 cities with the greatest decline in rent, rents are still at least 35% higher than the national average. Bellevue has the 17th highest reduction in average rents while Seattle has the 16th.
Bellevue, WA
*Average percent decrease in rent: -9.69%
*Average rent for a 2-Bedroom apartment (9/2020): $2,115
*Change in rent year-over-year (2019-2020): -7.9%
Seattle, WA
*Average percent decrease in rent: -9.88%
*Average rent for a 2-Bedroom apartment (9/2020): $1,940
*Change in rent year-over-year (2019-2020): -8.8%
The cities with the greatest decreases are in previously low rent areas; Odessa, Texas with an average decrease between March and September of 26.4% and Williston, ND with 24.45% reduction in rent.
We are here to help you and your clients with all aspects of the rental market. Please contact us for further assistance!
Nothing found herein should be construed as an attempt to offer or render a legal opinion or otherwise engage in the practice of law. You should not rely solely on this information. We encourage our clients to work with a lawyer experienced in commercial and/or residential real estate matters as they can be complicated and confusing.
