Rents continue decline in many major urban areas

According to Realtor.com rents in cities such as New York, San Francisco, Boston, Seattle, and Washington D.C. have seen large rental declines in the past year. The largest decline is in San Francisco here monthly rents have decreased by 34 percent for studio apartments, 26 percent for one-bedroom units, and 23 percent for two-bedrooms.

On the other hand, metro areas such as Sacramento ( 20.3 percent for studios, 12.4 percent for one-bedroom, 9.1 percent for two-bedroom units) have seen large increases.

Analysts predict that as the pandemic comes under control and the economy improves, renters will move back to cities such as New York and San Francisco.

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