Across the country's largest 150 metros, effective asking rents for new leases in January 2021 came in only 0.3% below the rates seen at the start of 2020, before the spread of COVID-19 and the resulting economic struggles led to rent cuts, according to a recent article from GlobeSt.com written by RealPage chief economist, Greg Willett. While national apartment pricing is stabilizing, unusually big differences in rent change continue to register from market to market, Willett said.
Markets registering 5% to 6% growth include Memphis, Greensboro/Winston-Salem, Virginia Beach, Phoenix and Detroit. Another half-dozen spots record increases of 4% to 5%: Providence, Cleveland, Tampa, Las Vegas, Indianapolis and Jacksonville.
Check out the below infographic to see more of some of the winners and losers in apartment rents.
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Natalie Dolce
Natalie Dolce, editor-in-chief of GlobeSt.com, is responsible for working with editorial staff, freelancers and senior management to help plan the overarching vision that encompasses GlobeSt.com, including short-term and long-term goals for the website, how content integrates through the company’s other product lines and the overall quality of content. Previously she served as national executive editor and editor of the West Coast region for GlobeSt.com and Real Estate Forum, and was responsible for coverage of news and information pertaining to that vital real estate region. Prior to moving out to the Southern California office, she was Northeast bureau chief, covering New York City for GlobeSt.com. Her background includes a stint at InStyle Magazine, and as managing editor with New York Press, an alternative weekly New York City paper. In her career, she has also covered a variety of beats for M magazine, Arthur Frommer's Budget Travel, FashionLedge.com, and Co-Ed magazine. Dolce has also freelanced for a number of publications, including MSNBC.com and Museums New York magazine.
