New monthly data from apartment rental platform Zumper shows San Francisco rents were down nearly 12% year over year in June, making the city’s decline the largest in the nation, and a record slide for San Francisco. It’s also the second consecutive month San Francisco rental prices have dropped, says the company, which based these statistics on 9,000 listings in San Francisco.
The new numbers reflect prices in June, just weeks after Twitter and Facebook announced many employees currently working from home during the coronavirus pandemic could continue to do so permanently. As many tech workers in San Francisco mull their newfound geographic freedom, Georgiades says, the city’s real estate market is rapidly changing. Georgiades says the dramatic dip is due in part to “the very real move of many mainly technology employers to a future of remote work, meaning millions of employees now looking outside of dense metropolitan areas for their next home now that their commute time is no longer a factor.”
“If rents continue to decline in the city, we could also see some landlords opting to sell and would-be buyers deciding to continue renting,” says Bokhari, who also notes that the inventory of homes for sale in San Francisco is up 18% year over year.
Source: CNBC
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