Cuts in some metros are double the U.S. average
HousingWire (June 24, 2020) -- The economic effects of the COVID-19 pandemic continue to influence rent prices across the country.
California is seeing rents decrease in several areas. According to RealPage, operators in Los Angeles cut rents by 3.3% in May 2020 compared to May 2019. Oakland, California saw an annual loss in effective asking rents of about 3% in May. Bigger cuts were seen in San Jose at 4.4% and in San Francisco at 4.9%, RealPage said.
In New York, where housing courts recently opened and evictions can resume, the Rent Guidelines Board voted to approve a rent freeze on one-year leases, according to Curbed New York. For two-year leases, there is a freeze in the first year and a 1% increase in the second year.
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