(Bloomberg) -- Two-year rent data showcase how the map of the U.S. economy shifted to the Sun Belt and away from expensive coastal cities and technology hubs during the pandemic.
Rents in the Miami metropolitan area rose 58% from March 2020 to March 2022, Realtor.com said in a report Thursday. They were little changed in San Francisco and San Jose, and dropped 2.3% in Buffalo, New York, the only place in the 50-city dataset that saw a decline.
Americans who could work remotely flocked to Florida cities and places like Phoenix during the pandemic, fueling inflation and a squeeze in the housing market. Miami-Dade County Mayor Daniella Levine Cava this week allocated $13 million for tenant assistance and said she would convene a meeting with local officials to cope with what she called an affordability crisis.
Riverside, California, also saw a surge in rents in the Covid era. Government data released this week show that it's the only big metro outside of the Sun Belt where inflation has crossed the 10% threshold.
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