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Rents Slide in NYC, San Francisco While Cheaper Cities Surge

  • Apartment prices are back near 2020 all-time highs in U.S.
  • Remote work has Americans moving to more affordable places
Photographer: Spencer Platt/Getty Images

Flexible work policies have given Americans permission to move, driving up apartment rents in suburbs and lower-cost cities and pushing landlords to slash prices in New York and San Francisco.

With concessions factored in, rents on new U.S. apartments leases were down just 0.3% last month compared with the all-time highs a year earlier, according to RealPage Inc. But the pandemic has opened up a geographical divide like never before.