2020 was an unusual year for the rental sector in the United States. As several states and cities made quarantine measures mandatory, Americans in key cities lost their jobs, due to which many had to move. The cost of living has gone up of late and working remotely has become the new normal. Given these factors, you might be wondering which city makes the most economic sense to live in. We’ve taken a look at the 2020 National Average Rent Price Analysis to break it all down for you. The report tracked trends and changes in lease pricing last year. Here’s what we found out about homes for rent.
California and New York/New Jersey were the most affected states following the Covid-19 outbreak and this was reflected in a rent crisis that had many calling for landlords to cancel rent entirely. Every apartment category in these regions increased their prices by at least $300.
That’s why it came as no surprise that New York City and cities along the coast increased their rents. However, some smaller resort cities like Playa Vista, CA had studio rents of around $4,000. Charlestown and Allston in Boston came in below with studio rents at $3,662 and $3,424 respectively. Other high-rent cities include Palm Beach, Florida with 1 bedroom apartment rent pegged at $5,625, and Santa Monica, CA at $7,519 for a 2 bedroom.
On the other end of the spectrum, last year’s data shows that some big cities were comparatively cheaper to rent in. These cities include San Antonio, TX, San Diego, CA, Columbus, OH, Jacksonville, FL, and El Paso, TX. Here, rents across studio apartments, 1 bedroom apartments, and 2 bedroom apartments were comparatively cheaper.
The report suggests that there may be some light at the end of the tunnel. Rents in the big cities are trending down with rents in studio apartments,1-bedroom apartments, and 2 bedroom apartments lower than they were in 2019 for five of the most populated cities. This is also the trend in Philadelphia, Boston, and Washington DC.