ABODO: June Rent Prices are Flat
National apartment listing site ABODO recently reported that the median nationwide rent price for one-bedroom units in May was $ 1,097 with two-bedroom units coming in at $ 1,344. They remind readers that pandemic’s effect on nationwide rental prices is still a moving target:
“The long-term effects of COVID-19 are still to be seen. If the current recession clears quickly, we anticipate that both apartment construction and demand will resume their recent increases. If the economy enters a prolonged phase of malaise, we could see new construction financing evaporate, and that could eventually put upward pressure on rents because of basic supply and demand.”
ABODO uses over 1 million listings across the United States to calculate the median 1-bedroom rent price by city, state, and nation and then track the month-over-month percentage change. To avoid small sample sizes, they restrict their analysis to cities meeting minimum population and property count thresholds. Be sure to check out their extensive city list.
Click here to read the full report at Abodo.com.
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