Rents Swoon in San Francisco, Other Expensive Cities, TX-OK Oil Patch Y/Y. But 23 Cities with Double-Digit Rent Increases | Wolf Street

The table of the 17 most expensive major rental markets by median asking rents shows July rent, the change from July a year ago, and, in the shaded area, peak rent and change from the peak. The “declines from peak” are led by Chicago and Honolulu in the range of -25% to -32%, though they seem to have found a bottom recently. Numerous cities – including some of the formerly hottest markets – are have booked double-digit declines from their peaks:

In total, there were 60 cities with increases in 1-BR rents – compared to 35 cities with declines. So you can see where this is going: In aggregate, averaged out across the US, rents are rising. The table below shows the 35 cities with the biggest rent increases. The smallest increase among those 35 cities was 5.8% (Atlanta). In 23 cities, rents increased by the double digits. In 10 of them, rents increased by 15% or more! None of these 15-percenters are expensive rental markets, compared to San Francisco:

So part of what we’re seeing is people leaving some expensive markets and moving to cheaper markets, maybe moving back home, or whatever, either because they lost their jobs or because they’re allowed to work from anywhere.

Rents Swoon in San Francisco, Other Expensive Cities, TX-OK Oil Patch Y/Y. But 23 Cities with Double-Digit Rent Increases | Wolf Street