Pandemic Pricing Continues to Affect Top Markets
Rental information site Zumper recently released their National Rent Report for July, 2020 showing that the median national rent for 1-bedroom apartment was $1,229 (up 1%) and the median two-bedroom rent was $1,485 (up 0.8%). Year to date, both one- and two-bedroom rents were up 0.4%. Interestingly, they point out that people are moving away from big expensive cities – a trend we have been seeing in from several sources.
“…As the pandemic persists on, the demand for rentals has continued to shift away from these pricey areas and a significant amount of that demand seems to be moving toward neighboring, less expensive areas…”