Business and Economy People

Rents Soar Nationwide

The Grind
After dipping last spring, rents around the U.S. have not only recovered but are now blasting past their pre-pandemic levels. In 44 of the nation’s 50 largest metro areas, rents have surpassed where they were before the health crisis, according to data from Realtor.com. Nationwide, the median rent reached a record high of $1,575 in June, an increase of 8% from a year ago, according to the website.

The Details:
But this time, it’s not high-priced urban areas driving rent into orbit. Instead, real estate data show the biggest increases are in smaller cities, driven largely by workers who fled urban areas during the pandemic for more safety, space or more privacy…

According to Hale, rents are growing fastest in cities seen as viable alternatives to large urban areas. The fastest-growing rents “tend to be [in] areas that are affordable, that are not super far away from the large [urban] areas, but far enough away that you can get a good deal,” she said.

Riverside, California, has posted the biggest increases over the last year, with typical rents jumping nearly 10% for a studio and 32% for a two-bedroom apartment. However, a comparable two-bedroom would cost $600 or $700 more in Los Angeles than in Riverside, making the smaller city attractive to Angelenos now able to work remotely since the pandemic. Read more…

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