Chapter 7 Conclusion

We started this study with a hypothesis that,

7.1 Hypothesis

The rent price drastically went down during the pandemic time due to less demand.

So, after analyzing the data collected, is the hypothesis that we assumed is true? - YES!

7.2 How?

• With the exception of New York, we can observe that the rental prices in each city follow the overall US rental price trend from 2019 to 2021. However, there is a noticeable modest reduction in rental prices in New York throughout the year 2020 (pandemic).

• We also noticed that during the epidemic, the less popular cities had a spike in median rent, which was fueled in part by the widespread “Work From Home” initiatives.

• This tendency is also explained by the low mortgage rate during the pandemic.

• As a result, it is clear that the actual data supports our hypothesis.