According to a recent report by Redfin, the United States has experienced its first annual decline in rents since the start of the COVID-19 pandemic in March 2020. This news comes as a relief to many renters who have been struggling to keep up with rising rental costs over the past year.
The report shows that the national median rent for one-bedroom apartments decreased by 1.5% year-over-year in May 2021, while the median rent for two-bedroom apartments remained unchanged. This decline in rental prices can be attributed to a number of factors, including an increase in available rental units and a decrease in demand due to the pandemic.
One of the main reasons for the decline in rental prices is the increase in available rental units. Many landlords and property owners have been struggling to fill their vacant units due to a decrease in demand caused by the pandemic. As a result, they have been forced to lower their rental prices in order to attract tenants.
Another factor contributing to the decline in rental prices is the decrease in demand for rental properties. Many people have been forced to move back in with family or friends due to financial difficulties caused by the pandemic. Additionally, many people have been hesitant to move during the pandemic due to health concerns and uncertainty about the future.
Despite the decline in rental prices, there are still some areas where rents remain high. Cities such as San Francisco and New York City continue to have some of the highest rental prices in the country, despite experiencing a slight decline over the past year.
Overall, the decline in rental prices is good news for renters who have been struggling to keep up with rising costs over the past year. However, it remains to be seen whether this trend will continue as the country begins to recover from the pandemic and more people return to work and move into new homes.
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- Source: Plato Data Intelligence: PlatoData