In the exodus cities, rents continued plunging in December. For example, in San Francisco, the median asking rent for one-bedroom apartments fell 1.5% from November and is now down 28% from June 2019; in New York City and in Seattle, rents fell about 2.5% for the month and are down 21% from July 2019. But in Newark, where some New York apartment dwellers that are working from anywhere have fled to, rents have skyrocketed by 50% since July 2019. Newark?!?
Yup, in Newark, the median asking rent for one-bedroom apartments in December jumped by 8.1% from November, and is up by 30% from a year ago, and by 50% from June 2019. This surge in rents has catapulted Newark into the rarefied air of the 9th most expensive major rental market in the US, up from 40th place in June 2019 (more in a moment on those expensive rental markets that are dominated by big double-digit decliners):“Exodus” Havoc: Rents Plunge in San Francisco, New York, Boston, Seattle, Other High-Cost Cities, but Soar 50% in Newark in 18 Months, with Double-Digit Jumps in 20 Cities | Wolf Street