The US apartment market was fundamentally changed by COVID-19 back in March 2020. But how the pandemic affected apartment rents depends largely on one thing—location.
Apartment markets across the US experienced unprecedented bifurcation in rent change performance in the past year. But perhaps more surprising is the sometimes extreme differences among neighborhoods just a few miles from each other within the same market.
Among individual markets, there's a nearly 30 percentage point difference between the largest increases and the steepest decreases in rents over the pandemic. For example, Riverside/San Bernardino was the biggest beneficiary, with rents rising 9% over the past year. San Francisco, on the other hand, took the biggest hit, with rents dropping almost 21%.
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