Boston rents have dropped 2 percent since the COVID-19 pandemic hit in March, and August rents are down over 3 percent year-over-year, a new report from Apartment List shows.

Median rent for a one-bedroom in the city is $1,679, while the median rent for a two-bedroom is $2,082.

Rent in Cambridge is similarly down, the listings site reported: 4.2 percent off on a year-over-year basis, 1 percent down from July and 4.4 percent down from March.

The drops, which many market observers attribute to the lack of college students returning for in-person classes and many renters’ reluctance to move in the middle of a pandemic, are part of a larger national trend. In the report, Apartment List researcher Chris Salviati wrote that cities seeing the worst rent drops are either places where the tourism and service sectors make up a large portion of the economy, are expensive markets or both.

In response, many professionally-managed buildings are offering discounts or other incentives.

While Apartment List has limited data on rental listings in Massachusetts’ suburbs, it did note single-digit percentage increases in rent in traditionally more affordable cities like Framingham, Lowell and Haverhill.

“There are indications that the recovery will be more drawn out than many had initially hoped, making it likely that we’ll see a protracted uptick in downgrade moves as many households facing financial hardship begin looking for more affordable housing,” Salviati wrote. “We may also see a significant slowdown in new household formation, as more Americans move in with family or friends to save on housing costs. These trends could mean that competition will remain tight for rental units at the middle and lower ends of the market, while luxury vacancies get harder to fill. As long-term remote work gains traction, we may also be seeing the beginning of a shift away from expensive downtown markets and toward more affordable suburbs. The decisions that families and businesses are making today are already starting to reshape the rental market, even if national rents remain largely unchanged.”