Zumper Says Pandemic Shifted Apartment Demand Away from Big Cities

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Rental information site Zumper recently released their National Rent Report for June, 2020 showing that the median national rent for 1-bedroom apartment was $1,217 (down 0.2%) and the median two-bedroom rent was $1,473.   Year to date, both one- and two-bedroom rents were down 0.5%.  Indeed…

“…It seems the pandemic has shifted the demand for apartments away from the most expensive cities, since usually demand picks up as we head into summer but now the opposite is true. As more and more companies move into remote work, many renters don’t want to pay the big city price tag when they are unable to use the amenities and are looking for more affordable options outside of large, metropolitan areas.”

Zumper analyzes rental data from over 1 million active listings across the United States. Data is aggregated on a monthly basis to calculate median asking rents for the top 100 metro areas by population, providing a comprehensive view of the current state of the market. The report is based on all data available in the month prior to publication…..be sure to check out their entire list of 100 cities.

Click here to read the full report at Zumper.com.

 

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Director of Education & Outreach, National Real Estate Investors Association

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