Rents in the Most Expensive Cities Drop. Oil Patch Gets Hit Too. Massive Gains in Other Cities.

by Wolf Richter
Wolf Street

Are the Work-from-Home-Folks Moving to Cheaper Pastures?

In the most expensive rental markets in the US, rents are declining, and did so even in May which normally is a fairly strong month for rents. And there may be some reasons. Zumper in its June rent report:

“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.”

An anecdote in support of this theory fell into my lap the other day when I was talking with a guy from Google’s ad sales division who wanted to get me excited about spending money on Google ads.

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