Apartment rents are plunging in high-cost cities from New York to San Francisco. Now, places that were less popular before the pandemic are suddenly in high demand. The biggest increase in the third quarter was in California’s Inland Empire — Riverside and San Bernardino counties — where effective asking rents for apartments jumped 4.4%, thanks to the boom in distribution warehouses outside Los Angeles, according to data from RealPage Inc. That was followed by Sacramento, California; Virginia Beach, Virginia; Greensboro, North Carolina; and Memphis, Tennessee. By contrast, San Francisco rents fell 11% and New York’s dropped 8.5%.For the analysis, RealPage looked at effective asking rents, which factored in concessions from landlords. Big international cities were hit hardest in part because a bigger share of their workers are in tourism, entertainment, restaurants and other businesses most hurt by Covid-19 lockdowns. The slow-and-steady markets, on the other hand, are especially attractive now that so many Americans can work remotely. Many Silicon Valley workers have shifted to cheaper locations, including Sacramento, where rents are surging.“ If you don’t have very many hospitality workers, your economy may have done reasonably well,” said Greg Willett, chief economist at RealPage. “They’re bread and butter, usually slow-growth markets. And slow growth looks good relative to what we see everywhere else.”New York lost the most renters in the third quarter. Nearly 12,000 more moved out than moved in, the worst performance in the U.S., according to RealPage. By comparison, New York had a net inflow of 10,000 renters in the third quarter of 2019. Read more via SportsGrinderEntertainment
You may also like
While Silicon Valley and San Francisco tend to be conflated in the minds of many without close knowledge of the Bay Area, they are quite different regions — with one distinction clearly drawn in a new report by a...
UserTesting, a Silicon Valley company which helps firms to tweak their websites and apps for the best user experience, is creating 70 new tech jobs in Edinburgh. The recruitment drive in the Scottish capital has been...
As you probably know, LinkedIn introduced the ‘Open to Work’ badge earlier in this year of coronavirus and ever since, there’s been heated debate over its merits. It’s been a long-held view by the recruitment industry...
Since 2017, AWS re/Start has partnered with workforce development programs around the country, like Per Scholas, to provide free coursework and cover fees in order for participants to get certified in AWS cloud...
More evidence shows that San Francisco’s astronomical rent prices are plummeting closer to earth According to the September rent report from listings website Realtor.com, San Francisco’s rental prices experienced the...
- Can Being a Trump Supporter, Get You Fired or Not Hired
- UserTesting To Create 70 Tech Jobs In Edinburgh
- Austin Claims Top Spot As Leading Tech Hub In WFH World
- Small startups are getting fewer job applicants — your opportunity?
- Mass layoffs loom for Silicon Valley service workers
- The Work-From-Home Revolution Will Be The Best Thing To Ever Happen To Silicon Valley
- Winter is coming, and millions may lose their jobs in restaurants and hospitality
- What It Is Really Like To Interview In The Most Competitive Job Market In Silicon Valley
- The Next Silicon Valley Will Have No ZIP Code
- 5 questions about forging a career in fintech answered