Rents Plunge in San Francisco, New York. Other Expensive Cities, College Towns, Texas Oil Patch also Hit. Incentives Surge. But in 18 Cities: Double-Digit YoY Rent Increases | Wolf Street

The theme of renters getting out of the most expensive cities is now everywhere. They might retreat to mon and dad s house to work from home or flee to a cheaper town, or finally buy a house in the suburbs or even out in the country, or whatever. These themes are running around all over the place, often with not a lot of data to back them up at this early stage. But one thing is happening: Rents are dropping like a rock in some of the most expensive cities. And they re surging in others.

In San Francisco and New York City, rents plunged in August from July at a historic rate, and are now down about 20% from their peaks. Rents dropped in many expensive cities, and in college towns, and in Texas, the largest oil producing state in the US, where the oil bust is amplifying the issues of the Pandemic.

But there are 18 other cities, mostly those that are a lot less expensive, where rents are soaring by the double digits indicating that there are some big shifts underway.

via wolfstreet.com