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Apartment Rents Drop as Residents Flee Gateway Cities

Rents dropped for the fourth months in a row, and major cities are losing population to secondary markets.

The rent is too high. Anyone living in a major US would most likely agree. Seems the pandemic and its related fallout have spurred action on that front, both in rental costs and where those rents are being paid.  

US mutifamily rents decreased by $2 in June, down to $1,457, and year-over-year growth was in the negative for the first time since December of 2010. 

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Patrick Smith

Patrick Smith

Patrick Smith, based in New York, covers the business of law, including the ways law firms compete for clients and talent, M&A and corporate work, leadership and marketing innovation. Reach him at [email protected] or on Twitter at @nycpatrickd

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