The Northeast has seen studio and one-bedroom apartments charge less rent, whereas two-bedrooms are seeing an increase in rent prices. These new trends could be a reflection of household consolidation due to the impact of the COVID-19 pandemic on the economy. Pew Research Center released a report in September that stated that 52 percent of adults aged 19 to 29 are living with their parents because of the pandemic. This was the first time since the Great Depression that a majority of young adults have reported living with their parents.
Kelli Francis, senior content strategist for Apartment Guide, noted that "in Pittsburgh, studio prices have been falling," and that "one bedroom prices are down 2% year-over-year and three bedroom prices are down 17% year-over-year." Francis also stated that two-bedroom apartments "are the only unit type to experience an increase in Pittsburgh, up 13% year-over-year."
According to Francis, "These numbers reflect an emphasis on either studio or two-bedroom units in bigger cities and potentially more interest in smaller cities overall," and that "it's possible that single renters in big cities may be looking to downsize or take on roommates, and that more people may be considering life outside of big cities."
To read more about the current shift in rent prices, read the full study by Apartment Guide here.