"The COVID-19 pandemic significantly increased rents in many cities across the country, particularly in areas where many Bay Area residents migrated, such as inland California and Arizona. But now rents are plunging from those pandemic peaks, a new report from Realtor.com shows. Rental prices in Las Vegas have tumbled 13.6% since their peak in June 2022, with a median asking rent of $1,443. Migration is slowing nationwide, the report says, and new multifamily housing supply is also tempering costs."
"Austin, the longtime hotspot for the Bay Area exodus, especially among tech workers, has significantly increased new apartment construction since 2018. Even as its population surged, supply kept up with and eventually surpassed demand, causing rents to drop 13.4% in Austin since their September 2022 peak. The median asking rent was $1,436 in August 2025, down 6.5% from the previous year."
Pandemic-driven migration raised rents sharply in many cities, especially in inland California, Arizona, and Sun Belt metros. Las Vegas asking rents have fallen 13.6% from their June 2022 peak to a median of $1,443, including a 4.6% year-over-year decline. Austin has seen a 13.4% decline from its September 2022 peak after substantial apartment construction since 2018 pushed supply past demand; its median asking rent was $1,436 in August 2025, down 6.5% year-over-year. San Francisco asking rents reached $2,831 in August 2025 and San Jose $3,413, with San Francisco surpassing pre-pandemic levels and regaining the top Bay Area rental rank.
Read at SFGATE
Unable to calculate read time
Collection
[
|
...
]