Rents are edging down in many of the largest 100 counties in the United States according to a new report from Realtor.com. The report attributes the drop to the COVID-19 pandemic and says it’s most pronounced near the nation’s tech hubs.
The report lists where rental prices dropped the most in December 2020 as compared to last March when pandemic lockdown conditions began in many areas of the country.
Find Cheaper Rents in These Places
Due to the increased emphasis on working remotely, many renters have found that they can move out of large metropolitan areas and save money, according to Realtor.com Chief Economist Danielle Hale.
“Some of the major factors that attract renters to dense downtowns — proximity to work and restaurants and fun things to do—are not currently relevant,” Hale says. “Without these strong lures, many renters are looking to save money and get some more space by moving to the suburbs.”
Let’s look at the 10 places where the report says rents have fallen the most.
|City||Median Rent||Year-Over-Year % Change|
|San Francisco, CA||$2,750||-25.5%|
|New York, NY||$3,100||-18.4%|
|San Mateo, CA (San Francisco suburbs)||$2,395||-17.6%|
|Suffolk, MA (Boston)||$2,500||-17.6%|
|King, WA (Seattle)||$1,726||-14.5%|
|Middlesex, MA (Boston suburbs)||$2,145||-12.5%|
|Cook, IL (Chicago)||$1,600||-11.1%|
|Honolulu County, HI||$1,650||-8.3%|
|Fairfax County, VA (Washington, DC, suburbs)||$1,635||-7.5%|
To come up with its list, Realtor.com looked at the median year-over-year prices of one-bedroom apartments, townhomes, condos, and homes for rent in the 100 largest counties in the U.S.
3 Ways You Can Save Money on Rent
- Comparison Shop: If you’re already in an apartment, do a rent search and show your landlord the comparisons you’ve found. If rents are cheaper elsewhere, this is a great way to gain leverage for an upcoming lease.
- Consider a Roommate: If your circumstances allow, you might want to consider getting a roommate. Not only would you cut your expenses in half, but it may allow you to save up for something else you might want: like a house.
- Choose to Live a Little Farther Out: We all know that rental rates are largely governed by location, location, location. To save money on your lease, see if you can live a little farther out where the rents aren’t as high.
Not only will your wallet thank you, but you might actually enjoy the peace and quiet that a smaller setting has to offer.
Want more tips to save money on your lease? Here’s how to get the best deals on rent.