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SF rent prices plunge as much as 31% — steepest decline in US, new report says

More 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

Pemo Theodore

Pemo Theodore is a Media Publisher & Event Producer and a great people connector.. She is Founder/CEO Silicon Valley TV which has served the San Francisco Bay Area for 11 years! She has produced Silicon Valley Events for Investors & Startups for 9 years. Pemo loves to video interview venture capitalists & founders to engage the human behind the success stories.. She has been Executive Producer of FinTech Silicon Valley for 5 years, organizing twice monthly FinTech talks & panels in San Francisco & Palo Alto. She believes in learning through a great discussion with experts in the domains. Pemo has a talent to bring the right people together and is an incredible networker. Pemo's events have been seen as supporting Venture Capitalists & Angels in sourcing great deal flow from startups who attend her events. Many founders have received funding through meeting investors at her events. Her favored medium is visual media and she has built up a great body of work of videos of panels & interviews in Silicon Valley.startup ecosystem.

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