Drawing from its apartment listing data from across the country, internet listing service Zumper has compared monthly rent rates in 400 cities for the week of March 15 with monthly rent rates for the week of June 15, in order to determine which markets have been hit hardest by “pandemic pricing.”
Out of the top U.S. cities—calculated based on the top 100 cities by population, plus 300 cities within major metropolitan areas—Laredo, Texas, experienced the steepest one-bedroom rent decline from March to June at -10.29%. Newark, N.J., was close behind at -10.20%, followed by San Jose, Calif., at -8.05%.
Southern cities made up the majority of the list, with three Texas cities (Laredo, Plano, and Irving), plus New Orleans and Nashville. San Francisco, the most expensive city in the nation, has also made the list with a 5.3% decline in one-bedroom apartment rent.
According to the U.S. Bureau of Labor Statistics, almost all of the cities on the top 10 list are located in states with unemployment rates between 11% and 16%, with the exception of Utah at just under 9%.
Click here for the full data release.