San Francisco has reportedly experienced the sharpest drop in apartment rental prices in the country during the COVID-19 pandemic.
The notoriously expensive rental market has plummeted, with nation-leading declines in prices for studios, and one- and two-bedrooms, according to a San Francisco Chronicle analysis of listings on realtor.com.
The paper pointed to tech industry workers who are fleeing the city for less-costly accommodations in the new work-from-home reality.
Median rents for studios in San Francisco fell 31 percent to $2,285 when comparing prices from September 2019 to September of this year, the analysis found. Meanwhile, median prices for one-bedrooms dropped 24.2 percent and 21.3 percent for two-bedrooms, the analysis found.
“What we’re seeing is really the move away from high cost, particularly in urban downtowns, toward the suburbs and toward affordability,” George Ratiu, a Realtor.com senior economist, told the paper.
“A good number of companies, and San Francisco is the leader in this, recognize the tremendous burdens, and tech