“Exodus” Havoc: Rents Plunge in San Francisco, New York, Boston, Seattle, Other High-Cost Cities, but Soar 50% in Newark in 18 Months, with Double-Digit Jumps in 20 Cities

by Wolf Richter
Wolf Street

OK, it’s getting a little crazy: Massive shifts due to working from anywhere and the Pandemic. But some of those shifts started well before the Pandemic.

In the exodus cities, rents continued plunging in December. For example, in San Francisco, the median asking rent for one-bedroom apartments fell 1.5% from November and is now down 28% from June 2019; in New York City and in Seattle, rents fell about 2.5% for the month and are down 21% from July 2019. But in Newark, where some New York apartment dwellers that are working from anywhere have fled to, rents have skyrocketed by 50% since July 2019. Newark?!?

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