The median rent in the 50 largest metros nationwide increased 2.7% year over year, the largest growth since the beginning of the COVID-19 outbreak, according to a new report from realtor.com®. The nation’s largest tech hubs are seeing some of the biggest rebounds in rental prices as more technology firms announce return-to-the-office plans.
[…]The median rent in the nation’s largest tech hubs was $2,086 in April, up 1.1% from March. Still, rents continue to be lower in the largest tech centers like San Jose, Calif. (-12.5%); San Francisco (-10.9%); and Seattle (-7.35). But the declines are lessening, researchers note. On the other hand, Denver and Austin, Texas, are leading the rental market recovery among tech hubs. The median rent in Denver is up 2.2% and is up 1.7% in Austin annually.
See the story (including rental data for the top 50 metropolitan areas) online here: Rents Post Largest Uptick Since COVID-19 Onset