SANTA 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.
"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."
San 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.
In 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.
When it comes to rent increases, Sacramento, Calif. is leading the nation with
average monthly rent increasing 20.3%, 12.4%, and 9.1% for studio,
one-bedroom and two-bedrooms year-over-year, respectively. It
was followed by New Haven County,
Conn.; Essex County, N.J.;
and Monroe County, N.Y.,
which saw average gains of 13.3%, 11.9%, and 11.9%,
respectively.
To see the full report, including which metros had the greatest
increase in rent prices, see here.
Top 10 Markets for Studio Rent Decreases - December 2020
County
|
Studio -
Median Rent
|
Studio Rent
YoY
|
San Francisco,
Calif.
|
2,086
|
-33.8%
|
New York,
N.Y.
|
2,288
|
-21.1%
|
San Mateo,
Caif.
|
1,975
|
-14.8%
|
Suffolk,
Mass.
|
2,011
|
-20.4%
|
King,
Wash.
|
1,350
|
-18.8%
|
Santa Clara,
Calif.
|
1,974
|
-19.6%
|
Washington,
D.C.
|
1,590
|
-14.3%
|
Middlesex,
Mass.
|
1,960
|
-17.9%
|
Cook, Ill.
|
1,250
|
-20.1%
|
Honolulu,
Hawaii
|
1,300
|
-13.3%
|
Top 10 Markets for 1-Bed Rent Decreases - December 2020
County
|
1BR Median
Rent
|
1BR Rent
YoY
|
San Francisco,
Calif.
|
2,750
|
-25.5%
|
New York,
N.Y.
|
3,100
|
-18.4%
|
San Mateo,
Calif.
|
2,395
|
-17.6%
|
Suffolk,
Mass.
|
2,500
|
-17.6%
|
King,
Wash.
|
1,726
|
-14.5%
|
Santa Clara,
Calif.
|
2,398
|
-13.1%
|
Washington,
D.C.
|
2,034
|
-12.9%
|
Middlesex,
Mass.
|
2,145
|
-12.5%
|
Cook, Ill.
|
1,600
|
-11.1%
|
Honolulu,
Hawaii
|
1,650
|
-8.3%
|
Top 10 Markets for 2-Bed Rent Decreases - December 2020
County
|
2BR Median
Rent
|
2BR Rent
YoY
|
San Francisco,
Calif.
|
3,773
|
-22.8%
|
New York,
N.Y.
|
5,200
|
-16.1%
|
Suffolk,
Mass.
|
3,239
|
-14.8%
|
San Mateo,
Calif.
|
3,225
|
-11.8%
|
Santa Clara,
Calif.
|
2,979
|
-10.8%
|
Washington,
D.C.
|
2,926
|
-9.9%
|
Middlesex,
Mass.
|
2,692
|
-8.3%
|
King,
Wash.
|
2,257
|
-7.3%
|
Multnomah,
Ore.
|
2,087
|
-6.9%
|
Miami-Dade,
Fla.
|
2,350
|
-6.0%
|
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SOURCE realtor.com