Pemo TheodoreMedian apartment rents in Mountain View, home to search giant Google LLC’s headquarters, have dropped more than 15.5% since February, the sharpest drop in median apartment rents compared to nine other Silicon Valley cities during that time.
That’s according to a Business Journal analysis of data collected by online renting platform Apartment List. The data tracks median rent levels for studio, one-, two-, three- and four-bedroom units, going as far back as January 2017. The Business Journal studied median rent growth only from February through September because February was the month before the Bay Area initially ordered its residents to shelter-in-place effective March 17.
Apartment List’s data shows that median rents for apartments in Mountain View ranging from studios to four-bedroom units decreased between 15.63% and 15.66% from February to September, depending on the unit type. For example, the median rent for a two-bedroom unit was $3,148 in February; it was $2,655 in September, a 15.66% negative change. While the data did not include an explanation for the decline in median rents over the seven months, remote work is one possible factor. Read more via BizJournals
