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COVID-19’s Impact on the Residential Rental Market

House for rent

House for rentCOVID-19 has created significant problems in the residential rental market, with dramatic increases and decreases in rents in certain regions of the country—that is supported by a report from AdvisorSmith, which studied patterns in rental prices in more than 500 U.S. cities to determine which are experiencing the most fluctuation.

"The arrival of the pandemic in the year 2020 has created major changes for many Americans in their ways of life, affecting everything from work to school, creating changes in the economy, as well as affecting decisions about where to live," reported AdvisorSmith's Adrian Mak. "We examined rent prices for studios, 1-, 2-, 3-, and 4-bedroom rental units in September 2020, and compared these to average rents in 2019 for cities around the country. For each city, we determined the weighted average increase or decrease in rents based upon each city’s composition of rental housing units. We then ranked the top 100 cities where rents are rising and falling the most."

Among the cities listed below, rents increased an average of 0.9%. However, the range of rent changes was large, with the widest decrease being -34.7%, and the largest increase being 12.5%.

Here's a breakdown of what they saw (the full report, here [1], includes interactive maps and graphics as well as methodology):