Big City “Exodus” & Distortions: Rents Plunge in Most Expensive Cities, Explode in Others. Boston Plunge Steepens, San Francisco Plunge Pauses

by Wolf Richter
Wolf Street

High costs, working from anywhere, and sudden dislike for towers trigger large-scale shifts in the housing market. Tulsa is paying people with full-time work-from-anywhere jobs to move there.

The turmoil in the apartment rental scene, with rents plunging in some of the most expensive markets and soaring in some less expensive markets, thereby wringing out a portion of the price differences, appears to be rotating a bit, with plunges abating in some of the cities where they’d plunged the most, such as in San Francisco, and steepening in others, such as Boston.

These markets are facing tenants who either leave the city – now that they can work from anywhere on what they believe to be a permanent basis – or who stay in the city but move out of high-rise towers to buy a house.

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