San Francisco apartments experience sharpest rental drop amid COVID-19

San Francisco apartments experience sharpest rental drop amid COVID-19


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.

Trending: 'Seinfeld' Cast Members Pushing Fundraising Effort to Turn Texas Blue: 'Texas Has Never Been a Red State'

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

Continue reading

You Might Like

Do NOT follow this link or you will be banned from the site!