Pittsburgh rental charges for 2020 fell amid a pandemic

PITTSBURGH, PA – As rents rise in smaller, cheaper U.S. cities, prices fell rapidly in many of the country’s largest metropolitan areas and coastal cities for most of 2020, showing how the COVID-19 pandemic is very different had an impact on the regional housing markets during the year.

Pittsburgh is among the cities where rental rates have plummeted significantly during the pandemic, according to Apartment List’s latest 2020 National Rental Report.

In order to determine the change in rental prices over the course of the year, Apartment List used its own rental estimates from December 2019 to December 2020. The company uses median rental statistics from the American Community Survey by the US Census Bureau to determine rent estimates.

Rental estimates for Pittsburgh are included in the report. Here is a look at the current rental prices and how they have changed:

  • Median rent for one bedroom: $ 855

  • Median rent for two bedrooms: $ 1,057

  • Rent growth compared to the previous year (November 2019 to December 2020): decrease of 5 percent.

  • Rent growth since March 2020: decline by 5.8 percent.

Nationwide, according to the report, the national rent index fell by 1.5 percent after four consecutive months of decline. This is a major change compared to previous years. In 2019 rents rose by 2.2 percent, in 2018 by 3.0 percent and in 2017 by 1.4 percent.

The year started normally, according to the report. After a typical onset of winter, rents rose as the weather and markets began to warm.

However, after the coronavirus pandemic was declared in March, things changed. When Americans were urged to avoid all unnecessary moves and put millions more moving plans on hold after they lost their jobs, national rents fell in the summer months – usually a busy season in the rental market with homes getting more expensive than less.

Expensive coastal cities are hardest hit during the pandemic. According to the report, rental price reductions were also concentrated in the capitals rather than their suburbs.

The story goes on

San Francisco is the most expensive and hardest hit city in the country and has been at the top since March with a 26.7 percent drop in rents. As a result, the average two-bedroom apartment in San Francisco dropped from $ 3,147 to $ 2,305.

These are the cities where rental prices fell the most during the pandemic:

  1. San Francisco, California: down 26.7 percent

  2. Seattle, Washington: Down 22 percent

  3. Boston, Massachusetts: down 20.6 percent

  4. New York, New York: down 19.9 percent

  5. Washington, DC: down 15.3 percent

  6. San Jose, California: down 15.2 percent

  7. Arlington, Virginia: down 14.8 percent

  8. Oakland, California: down 14.2 percent

  9. Chicago, Illinois: down 13.2 percent

  10. Minneapolis, Minnesota: Down 12.8 percent

In affordable, medium-sized cities and suburbs, rental prices rose significantly during the pandemic. In Boise, Idaho, rents have increased nearly 10 percent since March, more than double the same period last year.

These are the medium-sized cities where rental prices have increased the most:

  1. Boise, Idaho: 9.7 percent growth

  2. Chesapeake, Virginia: 8.8 percent growth

  3. Fresno, California: growth of 7.9 percent

  4. Greensboro, North Carolina: growth of 7.7 percent

  5. Toledo, Ohio: growth of 7.6 percent

  6. Albuquerque, New Mexico: growth of 7.1 percent

  7. Bakersfield, California: 6.9 percent growth

  8. Memphis, Tennessee: 6.7 percent growth

  9. Riverside, California: 6.6 percent growth

  10. Chula Vista, California: 6.5 percent growth

Apartment List researchers speculate that as opportunities for remote work increase, more expensive cities may lose their appeal as more U.S. employees work from home in cities where they can afford more space.

Read the full review on ApartmentList.com.

This article originally appeared on the Pittsburgh Patch

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