Team Clark is adamant that we will never write content influenced by or paid for by an advertiser. To support our work, we do make money from some links to companies and deals on our site. Learn more about our guarantee here.
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.
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% |
Washington, DC | $2,034 | -12.9% |
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.
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.
This post was last modified on February 2, 2021 4:39 pm
A big part of saving money comes down to knowing how to comparison shop. But…
If you work for a big company as a full-time employee, chances are you have…
Are you a Peacock subscriber? You soon will have to pay more to watch NBCUniversal's…
If you’re shopping for a cheaper cell phone plan, you may have come across US…
If you plan to take an international flight or cruise anytime soon, there's one free…
Pop quiz: What's money expert Clark Howard's favorite tax-advantaged retirement tool? If you guessed Roth…