Living
New York, San Francisco Rents Plunge in Work-at-Home Shift
- Hard-hit hospitality industry, work-at-home fueling trends
- Memphis, Sacramento among metro areas with biggest gains
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Apartment rents are plunging in high-cost cities from New York to San Francisco. Now, places that were less popular before the pandemic are suddenly in high demand.
The biggest increase in the third quarter was in California’s Inland Empire -- Riverside and San Bernardino counties -- where effective asking rents for apartments jumped 4.4%, thanks to the boom in distribution warehouses outside Los Angeles, according to data from RealPage Inc.