8 Locations Where Rental Prices Are Plummeting Post-Pandemic
Written by
Laura Beck
Edited by
Amen Oyiboke
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The pandemic housing market was very tumultuous with many people moving locations faster than a game of musical chairs. During that time, many towns experienced an influx of renters and the market grew to accommodate them. Adie Kriegstein, a licensed real estate salesperson at Compass Real Estate, called those cities “pandemic boomtowns.”
And now, these pandemic boomtowns are shifting again – with a mass exodus of renters leaving houses empty and landlords scrambling to fill them. In certain cities, there are many deals to be had in the housing department.
GOBankingRates talked to real estate experts to find out where rental prices are plummeting post-pandemic – and how you can take advantage.
Austin, Texas, Deals Are Hot Right Now
Austin was pandemic rental central, but now rent prices are declining, according to Seamus Nally from TurboTenant. Why the 180? New construction went into overdrive, while demand cooled way off. The result? A rental market where tenants can get more for a lot less.
Salt Lake City Has Tons of Options
Salt Lake’s building boom went so hard that there’s now a massive glut of rentals. “With more options available, renters have greater bargaining power,” said Property Investor Ismael Arjune of Tristate Holdings 167 Inc.
Nashville, Tennessee, Dropping Like It’s Hot
Music City had one of the most intense pandemic housing frenzies with rents increasing rapidly. But the construction tsunami has caused rental rates to plummet giving house hunters major leverage.
“Essentially, it boils down to the principle of supply and demand,” said Arjune. “If there is a surplus of rental properties in any given area, rental prices tend to decrease.”
St. Louis: The Midwest Bargain
Arjune lists St. Louis as another former hotspot where overbuilding has tenants getting showered with incentives and dirt-cheap rents. If you’ve dreamed of living in the Gateway to the West, 2024 is your chance.
Houston, We Have Killer Rental Rates
“H-Town” saw rents go way up during the pandemic, but now things have slowed down, making it one of Arjune’s top picks. If you’re looking for a town with great food, culture and outdoor activities, Houston fits the bill. Get ready for some Texas-sized discounts, y’all!
Sacramento, California, Serving Up Sweet Deals
Even in pricey California, the state capital is slashing rents left and right. Another victim of pandemic overbuilding, Sacramento has too many empty units – meaning tenants can score excellent move-in specials.
Las Vegas Rates Are Rolling Snake Eyes
Las Vegas is more than a desert party oasis – it’s also a great place with rental deals galore. With inventory super high after years of construction, Vegas landlords are pulling out all the stops to fill vacancies.
Cheap Rents? Memphis, Tennessee, Is Having a Rental Renaissance
Memphis rents went up during the pandemic, but now things are cooling down. From its dynamic barbecue scene and rich music heritage to the affordable cost of living, Memphis is an absolute gem that gives you big-city vibes without the big-city price tag – especially now.
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