The pandemic caused apartment rents to plummet in tech hubs such as San Francisco and Seattle as companies such as Microsoft and Google sent workers home for the year. Now, as the health crisis recedes and these companies recall their workers to the office, these tech-oriented cities are finally seeing some movement in rents.
Last month, median rent rose 2.7% year-over-year in the largest 50 metro areas, according to realtor.com.
The median rent increase to $1,483 was just below the 3.2% pre-COVID growth rate in March 2020.
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Leslie Shaver
Les Shaver has been covering commercial and residential real estate for almost 20 years. His work has appeared in Multifamily Executive, Builder, units, Arlington Magazine in addition to GlobeSt.com and Real Estate Forum.
