While major cities, like San Francisco, New York, Boston, and Seattle are seeing drops in their housing rentals, Newark is seeing a 50% jump for the past 18 months. It’s heavily influenced by the pandemic and people leaving big cities for smaller cities. We have personally seen major NYC workers leaving their apartments in New York for apartments in Newark which still have easy access to NYC through public transportation.
OK, it’s getting a little crazy: Massive shifts due to working from anywhere and the Pandemic. But some of those shifts started well before the Pandemic.Source: “Exodus” Havoc: Rents Plunge in San Francisco, New York, Boston, Seattle, Other High-Cost Cities, but Soar 50% in Newark in 18 Months, with Double-Digit Jumps in 20 Cities