by Wolf Richter
Unemployment and work-from-home or work-from-anywhere are massively shifting where people want to live.
Apartment rents in 15 of the 100 largest rental markets in the US have shot up between 10% and 16% in October compared to a year ago – all second-tier markets with far lower rents than the most expensive markets. But in the most expensive rental markets, such as San Francisco, New York City, Boston, San Jose, Los Angeles, Washington DC, etc., rents have plunged between 13% and 21% in October year-over-year, which I covered a few days ago.
Of the 100 largest rental markets, 58 experienced increases in the median asking rent for 1-bedroom apartments in October compared to a year ago, ranging from 1.1% in San Antonio, Texas, to 15.6% in Newark, NJ, which is catching some of the crowd getting out of New York City.