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New York, San Francisco Rents Plunge in Work-at-Home Shift

Apartment rents are plunging in high-cost cities from New York to San Francisco. Now, places that were less popular before the pandemic are suddenly in high demand. The biggest increase in the third quarter was in California’s Inland Empire — Riverside and San Bernardino counties — where effective asking rents for apartments jumped 4.4%, thanks to the boom in distribution warehouses outside Los Angeles, according to data from RealPage Inc. That was followed by Sacramento, California; Virginia Beach, Virginia; Greensboro, North Carolina; and Memphis, Tennessee. By contrast, San Francisco rents fell 11% and New York’s dropped 8.5%.For the analysis, RealPage looked at effective asking rents, which factored in concessions from landlords. Big international cities were hit hardest in part because a bigger share of their workers are in tourism, entertainment, restaurants and other businesses most hurt by Covid-19 lockdowns. The slow-and-steady markets, on the other hand, are especially attractive now that so many Americans can work remotely. Many Silicon Valley workers have shifted to cheaper locations, including Sacramento, where rents are surging.“ If you don’t have very many hospitality workers, your economy may have done reasonably well,” said Greg Willett, chief economist at RealPage. “They’re bread and butter, usually slow-growth markets. And slow growth looks good relative to what we see everywhere else.”New York lost the most renters in the third quarter. Nearly 12,000 more moved out than moved in, the worst performance in the U.S., according to RealPage. By comparison, New York had a net inflow of 10,000 renters in the third quarter of 2019. Read more via SportsGrinderEntertainment

Pemo Theodore

Pemo is a Media Publisher & Event Producer. She is CoFounder/CEO Silicon Valley TV She is the Executive Producer of FinTech Silicon Valley & organizes Bay Area FinTech meetup: Silicon Valley FinTech meetup & Blockchain Music meetup with almost 3k members. She has produced Silicon Valley Events for Investors & Startups 7 years. She video interviews venture capitalists & angel investors & FinTech experts. She partners with videographers to cover San Francisco Bay area startup conferences & meetups with livestreaming, video & foto packages Silicon Valley TV She is based in Silicon Valley & has been involved in online business for 14 years. She has been in small business for 46 years in Ireland, London, Canada & Australia. She also published a free ebook (the findings of 1 year research from VCs, angels & women founders) “Why are Women Funded Less than Men? a crowdsourced conversation” She was TheNextWomen‘s most prolific contributor of 2011. Silicon Valley TV has been noted as a platform for supporting high growth women led companies in Huffington Post

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