These are the 10 largest US cities where rent is dropping the most. (via CNBCMakeIt)
These 10 cities have seen the biggest price drop-offs this spring for two-bedroom rentals, indicating that their rental markets have slowed the most substantially, at least for now.Change in median price from March-April 2020:Median cost of a two-bedroom, April 2020:Change in median price from March-April 2020:Median cost of a two-bedroom, April 2020:0.08%$1,193Change in median price from March-April 2019:-0.86%0.
In other words, many of these other cities have been hard hit either by the coronavirus directly or by the lockdown orders that are trying to address it., and it has a diversified economy. It's also the pandemic's current global epicenter.was also growing rapidly before the pandemic. Las Vegas is one of the most tourism-dependent cities in the country: One in three Nevada jobs is in the hospitality and gambling industry.
Many tourism, entertainment, and hospitality jobs cannot be done from home. Las Vegas, Orlando, Miami, and Oklahoma City have some of the highest proportions of non-essential employees who are , according to another Apartment List report. Those workers are at very high risk of losing their sources of income and therefore their ability to pay rent.
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