AP NEWS
ADVERTISEMENT
PRESS RELEASE: Paid content from PR Newswire
Press release content from PR Newswire. The AP news staff was not involved in its creation.

Now May Be the Best Time to Save Thousands on a Lease in the Nation’s Largest Tech Hubs, According to Realtor.com® Rental Report

March 16, 2021 GMT

SANTA CLARA, Calif., March 16, 2021 /PRNewswire/ -- Rents continued their downward spiral in many of the nation’s largest housing markets in February, but they may have hit their bottom, according to the realtor.com®Monthly Rental Report released today. For those looking to move or return to the big city, acting now while rents are still at their lowest could mean saving thousands of dollars a year.

ADVERTISEMENT

“Housing markets like San Francisco, Santa Clara, Calif., Boston and Seattle have seen rents decline by double digits since the start of the pandemic and rent growth across the nation remains lower than pre-COVID levels. However, the downward trend is leveling off and rents may have hit their bottom in many markets,” said realtor.com ® Chief Economist Danielle Hale. “With the COVID-19 vaccination rates improving, returning to work and the city may be on the minds of many. For those looking to capitalize on rock-bottom rents, finding a new unit now could make sense. You’ll not only save money, you’ll have less competition finding the location that’s best for you.”

In February, the U.S. median rent, which is calculated by averaging the median rent of the 50 largest metros, was up 0.6% to $1,452, well below its pre-COVID growth rate of 3.2%. With rent growth stabilizing over the past three months, rents could begin to return to pre-COVID growth rates in the coming months.

Rent savings in tech markets could add up to thousands of dollars
Although rents have begun to stabilize, and even rise by double-digits in some markets like New Orleans, Sacramento, Calif., Memphis and Riverside, Calif., where rents rose 18.7%, 11.0% 10.8% and 10.7%, respectively in February, that’s not the case in many of the nation’s largest tech hubs.

In San Jose, Calif., situated in the heart of Silicon Valley, median rent was $2,690 in February, 13.2%, or $410, less than a year earlier. Renters signing a 12-month lease today would save nearly $5,000, compared to pre-pandemic prices for the same unit. They’d save almost as much in neighboring San Francisco, where rents were down nearly 13% from a year ago in February.

ADVERTISEMENT

Tech hub markets - Typical savings versus last year’s rents

Metro

Median
Rent Feb.

2021

Median
Rent Feb.
2020

Monthly
Rent
Savings

12-Month

Lease
Savings

San Jose-Sunnyvale-Santa Clara, Calif.

$2,690

$3,100

$410

$4,920

San Francisco-Oakland-Hayward, Calif.

$2,611

$2,986

$375

$4,500

Boston-Cambridge-Newton, Mass.-N.H.

$2,250

$2,449

$199

$2,388

Seattle-Tacoma-Bellevue, Wash.

$1,735

$1,906

$171

$2,052

Los Angeles-Long Beach-Anaheim,
Calif.

$2,485

$2,645

$160

$1,920

Washington-Arlington-Alexandria, D.C.
-Va.-Md.-W.Va.

$1,848

$1,950

$102

$1,224

February 2021 rental data - 50 largest metropolitan areas

Metro

Median Rent
(Overall)

Median Rent
YoY (Overall)

Atlanta-Sandy Springs-Roswell, Ga.

$1,430

4.0%

Austin-Round Rock, Texas

$1,330

-2.9%

Baltimore-Columbia-Towson, Md.

$1,549

3.6%

Birmingham-Hoover, Ala.

$995

5.3%

Boston-Cambridge-Newton, Mass.-N.H.

$2,250

-8.1%

Buffalo-Cheektowaga-Niagara Falls, N.Y.

$1,090

-4.8%

Charlotte-Concord-Gastonia, N.C.-S.C.

$1,304

2.0%

Chicago-Naperville-Elgin, Ill.-Ind.-Wis.

$1,600

-2.7%

Cincinnati, Ohio-Ky.-Ind.

$1,099

7.2%

Cleveland-Elyria, Ohio

$1,080

8.5%

Columbus, Ohio

$1,069

3.8%

Dallas-Fort Worth-Arlington, Texas

$1,270

0.4%

Denver-Aurora-Lakewood, Colo.

$1,639

-2.1%

Detroit-Warren-Dearborn, Mich.

$1,145

6.4%

Hartford-West Hartford-East Hartford, Conn.

$1,450

2.8%

Houston-The Woodlands-Sugar Land, Texas

$1,199

0.1%

Indianapolis-Carmel-Anderson, Ind.

$1,055

7.8%

Jacksonville, Fla.

$1,188

4.2%

Kansas City, Mo.-Kan.

$1,055

0.6%

Las Vegas-Henderson-Paradise, Nev.

$1,250

6.0%

Los Angeles-Long Beach-Anaheim, Calif.

$2,485

-6.0%

Louisville/Jefferson County, Ky.-Ind.

$984

6.4%

Memphis, Tenn.-Miss.-Ark.

$1,025

10.8%

Miami-Fort Lauderdale-West Palm Beach, Fla.

$1,865

-0.5%

Milwaukee-Waukesha-West Allis, Wis.

$1,335

-1.8%

Minneapolis-St. Paul-Bloomington, Minn.-Wis.

$1,425

-1.7%

Nashville-Davidson-Murfreesboro-Franklin, Tenn.

$1,323

-0.5%

New Orleans-Metairie, La.

$1,324

18.7%

New York-Newark-Jersey City, N.Y.-N.J.-Pa.

$2,395

4.1%

Oklahoma City, Okla.

$784

-0.8%

Orlando-Kissimmee-Sanford, Fla.

$1,319

-2.8%

Philadelphia-Camden-Wilmington, Pa.-N.J.-Del.-Md.

$1,550

3.3%

Phoenix-Mesa-Scottsdale, Ariz.

$1,388

3.6%

Pittsburgh, Pa.

$1,240

-2.0%

Portland-Vancouver-Hillsboro, Ore.-Wash.

$1,494

-1.5%

Providence-Warwick, R.I.-Mass.

$1,650

7.1%

Raleigh, N.C.

$1,239

3.2%

Richmond, Va.

$1,130

3.7%

Riverside-San Bernardino-Ontario, Calif.

$1,880

10.7%

Rochester, N.Y.

$1,175

7.8%

Sacramento-Roseville-Arden-Arcade, Calif.

$1,665

11.0%

San Antonio-New Braunfels, Texas

$1,053

1.8%

San Diego-Carlsbad, Calif.

$2,205

0.7%

San Francisco-Oakland-Hayward, Calif.

$2,611

-12.6%

San Jose-Sunnyvale-Santa Clara, Calif.

$2,690

-13.2%

Seattle-Tacoma-Bellevue, Wash.

$1,735

-9.0%

St. Louis, Mo.-Ill.

$1,084

8.4%

Tampa-St. Petersburg-Clearwater, Fla.

$1,396

7.8%

Virginia Beach-Norfolk-Newport News, Va.-N.C.

$1,235

8.3%

Washington-Arlington-Alexandria, D.C.-Va.-Md.-
W.Va.

$1,848

-5.2%

Methodology
Rental units include apartment communities as well as private rentals (condos, townhomes, single-family homes). All units were studio, one-bedroom, or two-bedroom units. National rents were calculated by averaging the medians of the 50 largest metropolitan areas.

About realtor.com®
Realtor.com® makes buying, selling, renting and living in homes easier and more rewarding for everyone. Realtor.com® pioneered the world of digital real estate more than 20 years ago, and today through its website and mobile apps is a trusted source for the information, tools and professional expertise that help people move confidently through every step of their home journey. Using proprietary data science and machine learning technology, realtor.com ® pairs buyers and sellers with local agents in their market, helping take the guesswork out of buying and selling a home. For professionals, realtor.com ® is a trusted provider of consumer connections and branding solutions that help them succeed in today’s on-demand world. Realtor.com® is operated by News Corp [Nasdaq: NWS, NWSA] [ASX: NWS, NWSLV] subsidiary Move, Inc. under a perpetual license from the National Association of REALTORS®. For more information, visit realtor.com ®.

Media Contact
Janice McDill, janice.mcdill@move.com

View original content: http://www.prnewswire.com/news-releases/now-may-be-the-best-time-to-save-thousands-on-a-lease-in-the-nations-largest-tech-hubs-according-to-realtorcom-rental-report-301248007.html

SOURCE realtor.com