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Rents Rise in All Big U.S. Cities for First Time Since Covid Hit

NYC Residential Real Estate Looks To Rebound As Covid-19 Restrictions Loosen
Photographer: Jeenah Moon/Bloomberg

Apartment rents were up in August from a year earlier in all the top 30 U.S. metro areas, the first time that’s happened since the start of the pandemic, according to a new report by Yardi.

The national average rent in multi-family buildings rose 10.3% from a year earlier to $1,539 -- the first double-digit rise in the dataset’s history -- after a $25 increase in August, the real-estate firm said. Over the past 10 years, the average pace of growth has been 2%.