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10 US cities where pandemic is rapidly dropping

Traditionally, rental prices in the US begin to rise in early spring for new leases, peak in the summer, and then fall in the fall and winter, recalls CNBC. The COVID-19 pandemic influenced this dynamic, according to a new analysis by the Apartment List.

Photo: Shutterstock

The average rent in the country from March to April 2020 decreased, contrary to market traditions. Price reductions during this period occurred for the first time since 2014, when the Apartment List began to regularly monitor trends in the rental housing market.

“Changing the rent per month is a good way to gauge the direct impact of COVID-19 on the market,” said Christopher Salviati, a housing economist at the Apartment List and author of the report.

To see how the pandemic affected rents, specialists analyzed monthly rent growth rates for two-bedroom apartments in America’s 50 largest cities. Then we studied the change between March and April 2020 (usually this is the period in which seasonal growth is observed) and compared it with the same period last year.

On the subject: 'Money is not appropriate right now': owner of 18 houses in Brooklyn temporarily canceled rent

These 10 cities are facing the biggest drop in rental prices this spring, at least for now.

1. Miami, FL

  • Change in monthly median rent growth: -1.09%
  • Change in average price from March to April 2020: -0,5%
  • Change in average price from March to April 2019: + 0,59%
  • The average cost of renting a two-bedroom apartment in April 2020: $ 1

2. New York

  • Change in monthly median rent growth: -0,99%
  • Change in average price from March to April 2020: -0,23%
  • Change in average price from March to April 2019: + 0,59%
  • The average cost of renting a two-bedroom apartment in April 2020: $ 2

3. Baltimore, MD

  • Change in monthly median rent growth: -0,94%
  • Change in average price from March to April 2020: + 0,08%
  • Change in average price from March to April 2019: + 1,03%
  • The average cost of renting a two-bedroom apartment in April 2020: $ 1

4. Austin TX

  • Change in monthly median rent growth: -0,90%
  • Change in average price from March to April 2020: -0,27%
  • Change in average price from March to April 2019: + 0,63%
  • The average cost of renting a two-bedroom apartment in April 2020: $ 1

5. Las Vegas, NV

  • Change in monthly median rent growth: -0,86%
  • Change in average price from March to April 2020: -0,25%
  • Change in average price from March to April 2019: + 0,61%
  • The average cost of renting a two-bedroom apartment in April 2020: $ 1

6. Nashville, Tennessee

  • Change in monthly median rent growth: -0,81%
  • Change in average price from March to April 2020: + 0,09%
  • Change in average price from March to April 2019: + 0,89%
  • The average cost of renting a two-bedroom apartment in April 2020: $ 1

7. Charlotte, North Carolina

  • Change in monthly median rent growth: -0,79%
  • Change in average price from March to April 2020: -0,43%
  • Change in average price from March to April 2019: + 0,35%
  • The average cost of renting a two-bedroom apartment in April 2020: $ 1

8. Houston texas

  • Change in monthly median rent growth: -0,78%
  • Change in average price from March to April 2020: -0,29%
  • Change in average price from March to April 2019: + 0,49%
  • The average cost of renting a two-bedroom apartment in April 2020: $ 1

9. Oklahoma City

  • Change in monthly median rent growth: -0,75%
  • Change in average price from March to April 2020: 0%
  • Change in average price from March to April 2019: + 0,75%
  • The average cost of renting a two-bedroom apartment in April 2020: $ 814

10. San Antonio, TX

  • Change in monthly median rent growth: -0,75%
  • Change in average price from March to April 2020: -0,28%
  • Change in average price from March to April 2019: + 0,47%
  • The average cost of renting a two-bedroom apartment in April 2020: $ 1

Salviati believes that the two main factors affecting rent growth are the local economy’s exposure to damage from restrictions associated with the coronavirus, as well as the consequences of the coronavirus itself as a public health emergency.

According to a report by Euromonitor International, New York is the most visited city in the Americas and has a diversified economy. It is also the current global pandemic epicenter.

Miami is one of the four best tourist destinations in the country. The Nashville tourism sector also grew rapidly before the pandemic. Las Vegas is one of the country's most tourism-dependent cities: every third job in Nevada is related to the hospitality and gambling industry. Many work in the field of tourism, entertainment and hospitality cannot be done from home.

On the subject: What to do if you have nothing to pay for rent or a mortgage during quarantine

According to another lease report, Las Vegas, Orlando, Miami and Oklahoma City have the highest percentage of non-core industry employees who cannot work remotely. These workers are at very high risk of losing their sources of income and therefore the ability to pay rent.

Rents in many cities fell, but there was no massive collapse in prices. The inability of many to pay rent, in addition to the various eviction moratoriums in force throughout the country, is preventing people from moving, reducing the demand for new apartments. "People are not considering a change of housing, and landlords are waiting for the normalization of the virus situation to understand what is happening before making serious pricing decisions."

Miscellaneous Educational program rent apartments in the US rental housing in the USA

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