UpdatedFri, Feb 19, 2021 at 10:01 am CT
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Chicago is among the cities to see the steepest decline in rent prices across the U.S. In the past year, the cost of rent has decreased by 12.5 percent in the city. (Shutterstock)
CHICAGO AREA, IL While rent is on the rise in smaller, more-affordable U.S. cities, many of the country s largest metropolitan areas and coastal cities saw prices fall rapidly throughout most of 2020, illustrating how the COVID-19 pandemic had a starkly different effect on regional housing markets over the course of the year.
Chicago is among the cities to see the steepest decline in rent prices. In the past year, the cost of rent has decreased by 12.5 percent in the city. Meanwhile, suburban towns closer to the city on Apartment List s final National Rent Report of 202o, including Oak Park and Arlington Heights, have also seen a dip in rent, while towns farther out have seen increases.
The coronavirus pandemic has done some unusual things to housing markets across the country. In high-rent cities like San Francisco and New York, rental prices.
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Even before the pandemic, Elsa Rodriguez Killion realized that Casa Corona, her restaurant in Fresno, California, was going to have to change with the times.
She spent money on digital marketing. She invested in technology that enabled online orders for dishes like the restaurant’s signature chile verde. And there was something else she had to keep up with: California’s rising minimum wage.
The minimum rose to $14 an hour on Jan. 1, the fifth annual increase under a 2016 law. It is set to reach $15 for most employers by next year. With price increases, Rodriguez Killion was able to absorb some of the added payroll expense. But she also cut more than 20% of the 160 jobs at her restaurant’s two locations in the last five years, not including those lost because of the pandemic.
According to a recent New York Times report, apartment rents in major U.S. cities decreased by as much as 27% over the course of the last year.But that’s not the same for many suburbs like Gilbert and Glendale, which were among the top 10 cities for rent-price increases.