Recent data from Apartment List represents the clearest indication yet that rent prices are rebounding in markets across the country. The data continue to exhibit significant regional variation, but the days of plummeting rents in pricey coastal markets appear to be coming to an end, with cities such as San Francisco and Seattle experiencing positive month-over-month growth for the first time since the start of the pandemic.
At the other end of the spectrum, many of the mid-sized markets with rapid rent growth during the pandemic are showing that there’s still steam left in the current boom. The most expensive markets have gotten somewhat more affordable, while the most affordable markets have grown pricier.
For example, last March, the median two-bedroom rent in San Francisco was $3,146, which was 3.4 times the $929 median for a two-bedroom in Boise. As of this month, the two-bedroom median in San Francisco has dropped to $2,322, while in Boise it has grown to $1,044, meaning that rents in San Francisco are now just 2.2 times those in Boise. While still a significant price difference, the affordability gap has narrowed substantially.
Lisa Brown has decades of experience in corporate communications and marketing management with organizations including Coldwell Banker Residential, Grubb & Ellis, Marcus & Millichap, NAIOP, SIOR and ALM.
In those positions, she worked in conjunction with chief executive officers and chief marketing officers to create corporate messaging, cohesive branding standards, strategic marketing plans and thought pieces. Brown is a frequent speaker at industry events and an editing adjunct professor for an online course. She has a master’s degree in mass communications from San Jose State University.