OCTOBER RENT REPORT:
RENTS CONTINUE TO COOL AS LARGER UNITS INCH TOWARD PRE-COVID LEVELS POWER LENDING
T
he 2020 real estate market has been a beehive of activities as the economy gradually recovered. As we get deeper into the year, various housing market indicators continue to reveal that the market is bouncing back strongly after suffering severe blows from the pandemic earlier this year, while other indicators are showing the opposite. October 2020 rent report released recently shows that rents across the country’s 100 largest counties are continuing to slow down. This happens as year-overyear trends are easing since March across studio, onebedroom, and two-bedroom units. In several other big cities, rents are substantially low compared to 2019. The report shows that one-bedroom rents were dropping year-over-year in 34 of the 100 largest counties in October, up from just six in March. On the other hand, two-bedroom rents were also declining year-over-year in 25 of the 100 largest counties in October from last year, up from 12 in March. Nationally, rents are still growing below pre-pandemic rates. According to the report, rent for a median studio unit in October was $1,316, down 0.8% yearover-year. Studio rents were growing by 5.5% year-over-year in March. Beginning April, all
14
l
THE POWER IS NOW MAGAZINE | DECEMBER 2020
