CityLab Daily: Where Rents Are Falling, and Where They’re Rising
Also today: Mumbai’s disease-fighting architecture, and the Humvee goes electric with a $100,000 supertruck.
"Now Leasing" in San Diego.
Reshuffle: While major U.S. markets like Manhattan and San Francisco have been seeing rents plummet and record-breaking vacancies in the market since the pandemic began, new research from the platform Apartment List indicates that that's not the case for all metro areas. Overall, average rents in 30 core cities fell more than 5%, while rents have actually risen half a percentage point in the suburbs of those cities. In fact, suburban rents are outpacing city rents in 27 out of 30 major metros.
Does this signal a mass urban exodus driven by the Covid-19 pandemic? Not exactly, according to experts, who say the data illustrates more of a redistribution of the people who would normally be flowing into these areas for the jobs and amenities. Since the lockdowns, the movement of people has started to pick up again, but the resurgence of the rental market hasn’t happened across the board. Today on CityLab: In the U.S., City Rents Are Falling, and Suburban Rents Are Climbing