Rents in the nation’s largest cities have tumbled since last year because of the pandemic, according to data released Tuesday by Realtor.com.
Of the largest 100 counties, 36 saw year-over-year declines in one-bedroom rents in September. That is up from six in March. The rents for two-bedroom apartments fell in 25 of the largest 100 countries, up from 12 in March.
The declines began in March, the report states, when coronavirus infections were an issue in cities such as New York City and San Francisco.
The median rent for a studio apartment in San Francisco was roughly $2,200 last month, 31% lower than it was a year ago.
In the Big Apple, the median rent for a studio apartment in September declined over 15% from last year to roughly $2,500.
The drop in rent comes as people flee large cities to escape the pandemic and settle in more rural areas.
That migration is reflected in Tuesday’s report.
The largest rent increase for studios in September occurred in Tulsa, Oklahoma, which has a population of roughly 400,000 people. The median rent increased 26% from last year to $755.
For a one-bedroom apartment, the largest rent increase last month was in Monroe, New York, which has a population of fewer than 10,000 people. The median rent was up 12% in September from last year.
Renters are also fleeing to more affordable cities. The median rent for a one-bedroom apartment in Monroe, New York, was $1,049 last month. The town is an hour’s drive to Manhattan, where the median rent for a one-bedroom apartment was $3,400 in September.
