As more and more people across the country are under stay-at-home orders, the rental market has quickly seen the effects.
According to Zumper’s National Rent Report for April, Google search volumes for apartments for rent were down between 10% and 35% last week in its top cities, while long-term inventory dropped by about 12% last week.
“Though renters have hit a pause on their moves right now, as no one is going to open houses, we have an optimistic view for the long-term as the rental market will not be impacted as deeply as industries like travel and hospitality,” the report said.
Short-term inventory, defined as a minimum lease of less than four months or an option for month to month, has grown about 20-25% year over year, Zumper said.
“It seems short-term property owners originally renting out to traveling guests are now marketing their properties to longer-term flexi-stays in response to the collapse in demand from travelers,” the report said.
Out of the top 10 cities Zumper analyzes, Seattle had the largest year-over-year decline, with one-bedroom rent falling 8.5%. Meanwhile, the markets with the biggest monthly rent declines, all down around 5%, were mainly on the east coast.
Overall, the report said that national one bedroom rent increased 0.2% to a median of $1,221 last month, while two bedrooms grew 0.6% to $1,471. On a year-to-date basis, one and two bedroom prices are up 0.4% and 1.1%, respectively.
San Francisco continued to rank as the most expensive market, with one-bedroom rent remaining the same, at $3,500, and two-bedrooms dropping 0.9% to $4,540. Year over year, one bedroom rent is down 5.4%.