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In the U.S., City Rents Are Falling, and Suburban Rents Are Climbing

New research from Apartment List shows how Covid-19 has transformed the rental housing market in U.S. metro areas. 

California Approves Statewide Rent Control To Ease Housing Crisis
Photographer: David Paul Morris/Bloomberg

Renters have never had so many options in Manhattan. The number of apartment listings in New York’s most expensive borough has tripled from last year, the highest figure for vacancies in recent history. Asking rents in Manhattan, Brooklyn and Queens have imploded.

Yet the renters are staying away. With bars and restaurants operating at limited capacity, theaters and museums largely closed and many employees still working from home, downtown has lost its shine. The same goes for similar high-cost neighborhoods in Boston, Seattle, San Francisco and other major cities, where the bottom appears to be falling out for rents.