Migration patters that have been influenced by the Pandemic forced rental prices down across all major cities nation wide. Dense, metropolitan cities, endured the loss of thousands of tenants to smaller suburban neighborhoods, but now, new reports show that some of these cities are recovering in considerable ways.
For tech-areas such as San Francisco, Santa Clara, Seattle, Boston, and San Jose, prices bottomed-out so low mid-pandemic that even today, the highest its been since then, renters can lock in incredible low rates.
“Renters in San Jose, Calif., could see the largest savings as a result of the pandemic downturn. The monthly rent as of February was $2,690, down from $3,100 a year ago. That equates to $410 a month in savings, nearly $5,000 for a 12-month lease.”
Realtor.com reports that rents are stabilizing across the country after observing indicators including median rents being up by 0.6% from a year ago in Feb. Individuals looking to capitalize on historic lows are encouraged to seek out the real estate right now since rents are expected to increase with more people moving back to downtown life. Vaccines and expedited timeframes for accessibility of the shot will ease people back onto the market for downtown units, therefore, the optimal time will be sooner rather than later.