Rentable (formerly known as ABODO) says most Americans will be happy to have 2020 behind them – especially after dealing with the Coronavirus pandemic for most of the year. Their recent 2020 Rental Market Review says that nationally, rents, on average, went up however some larger metro areas saw steady declines. Their Annual Rent Report drilled-down to take a closer look at the enitre year in renting and sought to answer the following questions:
- How did rent prices change nationally? At the state level?
- Where did rent increase the most during 2020, and where did it decline?
- Where are the 10 most expensive rental markets?
Generally, a strong economy, strong apartment demand, and rising inflation all translate into median national apartment rent gains. In 2020, although it is recovering, the economy took a huge hit. We are still seeing strong demand, but the inflation picture is muddled as energy prices—also recovering as of late—fell early in the year and blunted inflation figures. 2020’s circumstances are unique and, in many cases, generally trusted statistical drivers have been overridden by fast-moving events.