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Friday, November 13th, 2020

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Posted by: | Posted on: November 13, 2020

Rental Prices Are Rising for These Big-City Apartments, but Falling for These Others

The standard pandemic narrative goes something like this: COVID-19 pushed renters into fleeing their tiny, claustrophobic apartments in the big, expensive cities—in turn causing monthly rents to plummet. However, it turns out that’s only partly true.

Nationally, monthly rents continued to fall for studios, typically the smallest spaces, according to realtor.com®’s October rental report. However, they’re rising again for one-bedroom units and the more desirable two-bedroom abodes. The latter provides extra space, including an extra bedroom, which some folks are turning into makeshift offices.

“We’re seeing the impact of workplace flexibility on rents. Renters are more free to pick up and move,” said realtor.com Chief Economist Danielle Hale. “They’re leaving expensive areas. They’re looking for more space and to cut back on expenses and spend less on rent.”

That makes sense as folks fearing another pandemic-related lockdown are seeking out additional square footage—even if they stay in the big

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Posted by: | Posted on: November 13, 2020

Home Prices Are Rising by Double-Digits in Much of U.S. During Pandemic

Home prices across the nation continued to defy reason as they sharply headed up—even as the turmoil over a hotly contested presidential election, the coronavirus pandemic, and high unemployment persisted.

Unlike during the Great Recession, the median price for single-family homes zoomed up in the third quarter compared with the same period the previous year in every U.S. metro, according to a recent National Association of Realtors® report. Prices rose 12% year over year nationally as folks waged bidding wars over a historically low number of properties on the market. Many buyers sought out larger properties to work from home, educate their children, and maintain social distance from others.

“It’s unbelievable. It’s a record number of metro areas showing double-digit price gains,” says Gay Cororaton, senior economist with the NAR. “We have never seen this widespread price growth.”

The report looked at existing homes in 181 metropolitan areas,

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