An exodus of renters
Apartment rents fell this year in 10 of the nation's most expensive cities — like San Francisco, New York, Boston and Seattle — amidst a pronounced exodus by occupants, according to an analysis by RENTCafé, a search website.
- Rental applications dropped 10% in 2020, according to the site.
- The median income of renters — which rose in 2018 and 2019 — stagnated at $38,400, the same as last year.
By the numbers: For those who were lucky enough to have expiring leases or break existing ones, there was good news: The national average rent stayed at $1,465 instead of rising, per RENTCafé.