But those days are over in nearly every city across the country, according to the August rent report from Apartment List, an online rental marketplace.
The national median rent has increased for several months and jumped another 2.5 percent in July over June, according to the report. The national median rent increased 11.4 percent since the beginning of 2021 and is 9.4 percent above the pre-pandemic national median rent in March 2020.
The metro areas that saw rapid population growth during the pandemic naturally experienced spikes in rents, too. For instance, rents have now jumped 39 percent in Boise, Idaho, since March 2020; 32 percent in Spokane, Wash.; and 26 percent in Fresno, Calif.
Rents remain lower than pre-pandemic levels in a few of the most expensive rental markets such as New York and San Francisco, but rents are rebounding there, too. For example, in San Francisco rents are still 14 percent lower than in March 2020, but the median rent in that city has increased 17 percent since January 2021.
Washington, D.C.-area renters saw a bigger jump than the national average in July compared with June, up 3 percent in the region compared with 2.5 percent nationally. But year-over-year, comparing July 2020 to July 2021, rents are still down 1.8 percent in the D.C. region, according to Apartment List.
The D.C. region ranks 36th out of 100 cities for month-over-month growth. Median rents in the region are $1,737 for a one-bedroom apartment and $1,756 for a two-bedroom apartment.
For more detail on the D.C. area, click here.
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