Rent has plunged by 11% in San Francisco, 8.5% in New York and keeps dropping in major US cities as employees who can work from home flee to cheaper suburbs that struggled to find tenants before the pandemic

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  • Analysis from RealPage revealed the biggest changes in effective asking rents, factoring in landlord concessions, between Q3 2019 and Q3 2020
  • Rent has plummeted in high-cost cities including New York, San Francisco, Los Angeles and Boston as many fled in the height of the pandemic
  • Rent in San Francisco fell 11% driven in part by an exodus of Silicon Valley workers out of the notoriously expensive Bay Area
  • Several tech giants including Google and Facebook extended their remote working policies until at least 2021
  • New York City rent fell 8.5% as residents fled the Big Apple when it became the virus epicenter of the world and many are yet to return  
  • Many have packed up for good as they lost jobs in the tourism, entertainment and restaurant industries that used to be the lifeblood of the city 
  • Areas that were less popular in pre-pandemic times have seen a surge in annual effective rent with rent in Riverside, Sacramento and Memphis on the rise  Read more via DailyMail