Rents fell in 16 major markets in March, leading to the biggestslowdown in 30 days since 2014. According to Zillow'sreal estate market report, the slowest rent growthwere in Baltimore, where it was only up .4% from last year, and NewYork, up 1.1% from last year.
Prior to the Coronavirus pandemic, rents were growing 3.4% yearover year in March. From March to April 2020, rent price growthslowed in 33 of the 35 largest U.S. cities, with the exception ofColumbus and Cleveland. The biggest rent decreases were seen inAustin, which fell 1.1%, Charlotte, which fell .7%, and Baltimoreand San Jose, which both decreased .6%.
"We're seeing rents slow now as some people are no doubtpursuing more-affordable options such as moving back in withparents, moving to a less-expensive area or doubling up ininstances where it can be done safely," Skylar Olsen, seniorprincipal economist at Zillow, said in a press release.
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