The coronavirus pandemic is shaking up the rental market in the United States. Prices of 1- and 2-bedroom units in historically expensive cities continue to drop, while smaller cities are seeing an uptick, according to the Zumper National Rent report for September 2020.
San Francisco, the country's most expensive rental market, saw the median price of 1-bedroom rentals plummet 14.1% year-over-year; similar units in New York fell almost 11%. San Diego is the only top-10 city that saw the median price of a 1-bedroom unit increase year-over-year.
"Year-over-year growth for 1-bedroom median price in the top 10 most expensive markets averaged -7.2%, while the 10 least expensive cities averaged 4.8%," according to Neil Gerstein from Zumper.
Median prices for 1-bedroom apartments in mid-size markets like Lincoln, Nebraska; Tucson, Arizona; Chattanooga, Tennessee; and Cleveland, Ohio, have soared, in some cases exceeding last year's price by over 10%.