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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
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