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A Realtor.com report found that rent in some smaller cities saw double-digit growth over the past year.
Larger cities, on the other hand, saw big drops in rents as working from home allowed residents to leave.
The divergence in urban rents shows how the pandemic is reshaping the economy s housing sector.
In affordable cities near major tech hubs that would typically attract homebuyers, rent prices have increased by double-digit percentages over the past year.
According to a report released on Thursday from Realtor.com, rents have declined in expensive, tech-hub cities such as San Francisco, Washington, DC, and Seattle, while rents in more affordable cities like New Orleans and Sacramento have seen increases of 18.2% and 11%, respectively. The cities with the largest increases in rent prices aligned with the cities with the fastest-growing home prices, the report said.
MARK ROBINSON | Richmond Times-Dispatch
RICHMOND â Virginiaâs pot for rent relief has grown by more than half a billion dollars, Gov. Ralph Northam announced Tuesday.
A $524 million infusion of federal funding will bolster the stateâs effort to aid tenants who have fallen behind on rent or utility payments during the COVID-19 pandemic. Thousands of households around the state owe back rent with a federal moratorium on evictions for nonpayment scheduled to expire at the end of next month.
âThere continues to be an overwhelming need for additional relief to help those struggling to make ends meet,â Northam stated in a release. âThis new federal funding will provide an important lifeline to individuals and families, and bolster our ongoing work to address housing affordability in the Commonwealth.â
U.S. Sen. Chris Van Hollen teamed up with Maryland's state lawmakers on Tuesday to emphasize the need for legislative action to help avert an eviction crisis spurned by the coronavirus pandemic.