If you’re thinking about getting a new place to rent, you may be able to find a deal right now. Many landlords have resorted to “pandemic pricing” — but the lower rents all depend on where you look.
Some cities have seen rents drop more than others, according to Zumper.com. The apartment listing site analyzed residential rent prices in nearly 400 U.S. cities. Its latest report focuses on the period between March 15, 2020 (when lockdowns began), and June 15, 2020.
Key findings from the report include:
- Texas leads the list with three of its cities experiencing rent declines.
- With one-bedroom rent prices falling by 10.3%, Laredo, Texas, has experienced the largest decline in the nation.
Let’s look at the 10 cities with the biggest declines since March 15, according to Zumper.com:
10 Cities With the Largest Rent Declines Due to ‘Pandemic Pricing’
|Rank||City, State||March to June Rent Decline|
|2.||Newark, New Jersey||-10.20%|
|3.||San Jose, California||-8.05%|
|4.||Salt Lake City, Utah||-6.52%|
|5.||New Orleans, Louisiana||-5.91%|
|7.||San Francisco, California||-5.25%|
The downward trajectory of rent prices is great for your wallet. But what if you’re among the millions of Americans who are now struggling to pay rent because of the economic downturn?
Money expert Clark Howard says the first thing you need to do is get in touch with your landlord or property management company to see what help is available.
Clark puts housing at the top of his list of what to pay when money is limited — second only to putting food on the table.