A recent report from Apartment List says the gap in urban and suburban rent growth widened during the pandemic. However, they do point out that while rents are now falling, they’re falling slower in the suburbs. In addition, their data show 2023 is the first year-over-year price drop the rental market has experienced since the early days of the COVID-19 pandemic.
“A quick glance at the national data shows that even though rents are down year-over-year, an affordability windfall is not reaching the suburbs. In fact, the urban-suburban gap has widened steadily for the past eight months because rent drops have been slower in the suburbs than in core cities.”