5 Surprising Cities Where Rents Are Rising Amid COVID-19
Not all cities are suddenly more affordable due to the coronavirus.
Grocery shortages, store closings, and record unemployment numbers have all left their mark on what's been a truly challenging year that we'll all be happy to see come to an end. But if there's one tiny silver lining during a global pandemic, it's the mass plummeting of rent prices across the nation. Right? Well, not exactly.
While a lot of major cities have experienced falling rents, there are a lot of mid-sized cities across the nation where rents have actually increased across the board during the coronavirus pandemic. This is according to a new report by the real-estate platform Zumper, which focused its data specifically on one-bedroom unit prices (which the researchers say is an accurate representation of the rental market as a whole).
Curious to know if your city is experiencing a rising tide of rent prices? Read on to find out. And to learn about the markets where rents are indeed falling, make sure your read about how Rents Are Starting to Plummet in These 9 Major U.S. Cities.
According to data released by Zumper, the capital of Nebraska (and home to the University of Nebraska) saw a rental increase of 5.2 percent in median 1-bedroom rents, which officially would cost you $810 per month. And for more on how Nebraska is faring these days, check out The Midwestern States That Are Seeing a New Surge in COVID-19 Cases.
Laredo, Texas experienced an increase of 5.3 percent to the average rental of a 1-bedroom apartment from last month, according to Zumper. The average rent for such a place is currently $790, which puts Laredo as the 92nd most expensive rental market in the nation.
The Virginian city on the Chesapeake Bay is home to colleges and a massive naval base. Apartments here shot up 5.4 percent over the past month. The average cost for a one-bedroom apartment is $970, which makes it the 60th most expensive rental market in the nation.
Chattanooga, Tennessee, is the first of two urban areas tied for the second-largest increase in rental rates, seeing 5.6 percent growth over the past month. The average rental price for a one-bedroom apartment in the Tennessee city comes in at $950, making it the 63rd most expensive rental market in the country.
Cincinnati, Ohio, was tied for second as it also experienced a rental increase of 5.6 percent for a one-bedroom apartment, which now costs $950 per month. Like Chattanooga, Cincinnati is also the 63rd most expensive rental market in the United States. For more news from Ohio, check out The Midwestern States That Are Seeing a New Surge in COVID-19 Cases.
The Motor City experienced the sharpest increase in the average rental price for a one-bedroom apartment. Rent is lesser than other cities listed, as you can rent a one-bedroom for only $740 per month on average (making it the 92nd most expensive rental market), but it's up a whopping 5.7 percent compared to last month.