Top 10 Major Cities with the Highest Current and Projected Rent Drops

Updated: Mar 7

As a nation, there are swift changes and action taking place daily as we work through the challenges that the COVID-19 impact is having on the economy, healthcare, employment rates, and ultimately housing. Just this past Thursday, the Department of Labor released a statement citing the highest number of seasonally adjusted weekly unemployment claims in its history coming in at 3,283,000.

This in turn presents a serious challenge for renters and investors alike. CoStar announced this week that asking rent prices nationally have decreased by 0.3%, just since March 10th, which is a sharp contrast to the norm. It indicates in real time how investors are collectively responding to these challenging times by trying to ease the hardships tenets are beginning to face by decreasing rents, or negotiating with tenets to help them find a successful solution to the extreme economic shift.

Here are the top 5 major cities and metros with the CURRENT highest decline in rents:

5. Palm Beach County, FL

Rent Change: - 1.2%

Percentage of Renter Occupied Housing: 30.52%

Total City Population: 1,470,338

4. Honolulu, HI

Rent Change: - 1.3%

Percentage of Renter Occupied Housing: 18.57 %

Total City Population: 347,397

3. Inland Empire, CA

Rent Change: - 1.3%

Percentage of Renter Occupied Housing: 11.13 %

Total City Population: 4,511,350