COVID-19 and Apartment Rents: Best and Worst MSAs (end Q3 2020)

Each month, Apartment List releases a National Rent Report, which tracks rental transactions across the country.

In this blog post, which will be updated each quarter, I will do a deep dive into Apartment List’s data to rank the markets (MSAs) with the greatest increases and decreases in rental rates.

As a benchmark, here is the is the national level rent data (as of October 2020):

Of the 192 MSAs analyzed, rent is down in 40 MSAs (20.8%) since March 2020. Of the 40, 25 MSAs experienced a reduction in rent greater than the national average. In 5 MSAs, rents fell by double-digits.

For the largest MSAs, California dominates the list of top markets with the largest rent decreases. Since March, rents dropped by 14.8% in the San Jose MSA, 13.7% in the San Francisco MSA, and 4.3% in the Los Angeles MSA.

Below is a summary of MSAs with rent drops greater than 1% in March 2020:

 

Rent has grown in 152 MSA (79.2%) since March 2020. Of the 152, rent has grown by 3% or more in 76 MSAs, and double digits in 3 MSAs (all three we smaller MSA – Dover, DE, Lake Charles, LA, and Poughkeepsie-Newburgh-Middletown, NY). The largest MSA with the greatest rent growth is Boise, ID at 8.2%.

Below is a summary of the MSAs with rent growth greater than 3% since March 2020.

Click here to download the raw data in Excel for Q3 2020, where you can find the same information on other MSAs, as well as on the county and city level.

Disclaimer: The views and opinions expressed in this blog post are provided for informational purposes only, and should not be construed as an offer to buy or sell any securities or to make or consider any investment or course of action.

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Joe Fairless