Remote work reshaped the Bay Area, as numerous people left once they didn’t need to stay and pay extremely high prices for rent.
|Metropolitan area||Rent change: March ’20 – April ’22|
|San Francisco-Oakland-Berkeley, CA||-3.3%|
|San Jose-Sunnyvale-Santa Clara, CA||-1.3%|
|Minneapolis-St. Paul-Bloomington, MN-WI||+2.9%|
|Beaumont-Port Arthur, TX||+7.6%|
In March 2020, San Francisco’s median rent was $2,182, and it’s now down 3.3% at $2,119.
In San Jose metro, the median rent in March 2020 was $2,465. Today, it’s down 1.3%, at $2,281, according to Apartment List.
In the rest of the country, however, rent discounts aren’t as common.
Apartment List reports that price inflation in 2021 has pushed rents in most of the U.S. back above pre-pandemic levels.
Seattle and Boston saw 20 percent rental price drops at the beginning of the pandemic, but now, rents are soaring.
In February 2022, Realtor.com ranked Florida the least affordable place to live in the nation. Miami was ranked the worst, with rent prices for a one bedroom listed at $2,929, a 55.3% increase compared to last year.