The pandemic had an impact on rent prices in major cities and neighborhoods across the U.S. To quantify the impact, we’re focusing attention on some of the major cities and neighborhoods in the U.S. We will be presenting our findings in a series of year-over-year neighborhood snapshots.
The subject of today’s snapshot is Rochester, NY. Based on our analysis, Rochester's year-over-year average rents showed an increase across all bedroom types.
Our standard City analysis uses a 12-month “LookBack” to establish an average baseline rent. The 12-month LookBack analyzes the rent data from the last 12-months, and for this analysis, the rent data included would be from May 1, 2020 – May 1, 2021.
The results from the 12-month LookBack analysis are presented in the table below:
As the table shows, all units had rental increases from last year. 1 BR increased by 7% and 3BR by 5%. The largest increase as demonstrated by the table showing year-over-year performance was 2 BR units which increased by 10% in Rochester, NY.
This article was written by the Rentometer Content Team. The Rentometer Blog features fresh takes and insights on rental housing topics, services, and technology.
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