Posted on
Spread the love

New York, San Francisco Rents Plunge in Work-at-Home Shift

Apartment rents are plunging in high-cost cities from New York to San Francisco. Now, places that were less popular before the pandemic are suddenly in high demand.

The biggest increase in the third quarter was in California’s Inland Empire — Riverside and San Bernardino counties — where effective asking rents for apartments jumped 4.4%, thanks to the boom in distribution warehouses outside Los Angeles, according to data from RealPage Inc.

That was followed by Sacramento, California; Virginia Beach, Virginia; Greensboro, North Carolina; and Memphis, Tennessee. By contrast, San Francisco rents fell 11% and New York’s dropped 8.5%.

For the analysis, RealPage looked at effective asking rents, which factored in concessions from landlords.

Big international cities were hit hardest in part because a bigger share of their workers are in tourism, entertainment, restaurants and other businesses most hurt by Covid-19 lockdowns. The slow-and-steady markets, on the other hand, are especially attractive now that so many Americans can work remotely. Many Silicon Valley workers have shifted to cheaper locations, including Sacramento, where rents are surging.

If you don’t have very many hospitality workers, your economy may have done reasonably well, They’re bread and butter, usually slow-growth markets. And slow growth looks good relative to what we see everywhere else.


New York lost the most renters in the third quarter. Nearly 12,000 more moved out than moved in, the worst performance in the U.S. By comparison, New York had a net inflow of 10,000 renters in the third quarter of 2019.

Please follow and like us:

14 Replies to “New York, San Francisco Rents Plunge in Work-at-Home Shift”

  1. Virginia Beach, Virginia, Greensboro, North Carolina and Memphis, Tennessee are the top 3 locations Americans are relocating to at the height of the COVID-19 period.

  2. My developer is trying to persuade me to move to .net
    from PHP. I have always disliked the idea because of the costs.

    But he’s tryiong none the less. I’ve been using Movable-type
    on a variety of websites for about a year and am worried about switching to another platform.
    I have heard excellent things about Is there
    a way I can transfer all my wordpress content into it?

    Any kind of help would be greatly appreciated!

  3. I was curious if you ever considered changing the
    page layout of your blog? Its very well written; I love what youve got to say.

    But maybe you could a little more in the way of content
    so people could connect with it better. Youve got an awful lot
    of text for only having one or two pictures. Maybe you could space it out better?

    1. I’ll add more pix, but the focus is the content. Pixs makes the website heavy and slow, but I’m also working in compression.

  4. Great goods from you, man. I’ve understand your stuff previous to
    and you are just too fantastic. I actually like what you’ve acquired
    here, certainly like what you’re saying and the way in which you say it.
    You make it enjoyable and you still take care of to keep it smart.
    I cant wait to read far more from you. This is actually a
    tremendous web site.

  5. Hello there! This is my first visit to your blog!
    We are a collection of volunteers and starting a new initiative in a community in the same niche.
    Your blog provided us valuable information to work on. You
    have done a outstanding job!

  6. Greetings from Los angeles! I’m bored at work so I decided to browse your
    blog on my iphone during lunch break. I love the knowledge you present here
    and can’t wait to take a look when I get home. I’m shocked at how fast your blog loaded on my phone ..

    I’m not even using WIFI, just 3G .. Anyways, fantastic site!

Leave a Reply

Your email address will not be published. Required fields are marked *