No one could have predicted the rental market trends in 2020. The market faced many hurdles as the impact of the coronavirus pandemic led many people to move, including a large percentage that bought their first homes and others who moved in with friends or family members to cut costs.
Rental prices dropped in major cities, including New York and San Francisco, as employees quickly switched to remote working. Moving to tech hubs such as Austin, Raleigh and San Francisco was largely put on hold as employers encouraged workers to work from home through part of 2021.
The pandemic is likely to change the expectations and behaviors of renters for an extended period as people grew accustomed to conducting virtual real estate tours and finalizing leases and other financial transactions at home so they could easily social distance.
Here are six rental market trends we expect will remain the "new normal" for renters and property managers.
