Pemo TheodoreMore evidence shows that San Francisco’s astronomical rent prices are plummeting closer to earth
According to the September rent report from listings website Realtor.com, San Francisco’s rental prices experienced the steepest declines in the nation year-over-year in all three of its categories: studio, one-bedroom and two-bedroom.
Changes in remote work policies during the coronavirus pandemic are driving the trend toward falling rents in expensive urban areas across the nation, especially in tech-heavy rental markets like the Bay Area.
“What we’re seeing is really the move away from high cost, particularly in urban downtowns, toward the suburbs and toward affordability,” said Realtor.com senior economist George Ratiu. “A good number of companies, and San Francisco is the leader in this, recognize the tremendous burdens, and tech companies were some of the first to announce extended remote work policies into next year.”
Workers were able to move out of high-cost rentals close to their workplaces in San Francisco and Silicon Valley, and into areas with more affordable rent, or into larger properties in quieter neighborhoods and with amenities such as a home office or home gym, Ratiu said.
Median rent prices for studio apartments in San Francisco declined 31% year-over-year to $2,285 in September, according to Realtor.com. The median price fell 24.2% to $2,873 for one-bedroom apartments, and dropped 21.3% to $3,931 for two-bedroom units. Apartment List and Zumper recently released similar findings in their September rent reports. Read more via MSN
