The COVID-19 Pandemic brought lasting changes to the country, and one area that stands out is rental costs. NerdWallet says, rent prices in the United States are over 30% higher than they were before the pandemic.
Michiana saw a similar increase, but not as large. rentcafe.com says in the greater South Bend area, rent prices are just over 20% higher than they were before the pandemic. Different areas of the South Bend–Mishawaka Metropolitan Statistical Area are closer than others to the national average. Mishawaka’s rent prices come closest, and Granger’s rent prices are the lowest in the area.
This could be because of simple supply and demand. According to Apartments.com, there are currently over 900 apartments for rent in South Bend. That’s a much larger number, per capita, than many of the larger metropolitan areas of the country.
To compare with New York City, a city with a population 80 times greater than South Bend, there are just over 8500 apartments available.
Indiana’s average annual income is only $2000 less than the nation’s, and local rental prices have increased less than 10% of the rest of the U.S. This means Indiana renters should be more financially comfortable than other parts of the country.
