San Francisco Rents Crash as Exodus from City Accelerates

Business Headlines U.S.

San Francisco is seeing home rents crash amid a mass exodus of renters from the city.

The median rent for a one-bedroom apartment has dropped more than 20% in September from a year ago to $2,830. Rent for one-bedroom apartment fell in September from just the previous month by 7%.

“Not only is this drop among the largest yearly decreases…ever recorded in our history of tracking rental prices,” real estate analytics company Zumper said, “but it was also the first time the median 1-bed price in San Francisco was priced below $3000. These combined trends show just how drastically the market has changed in the nation’s most expensive city to rent.”

Social unrest, spikes in violent crime rates, and the ability to work remotely due to the Covid19 pandemic arecontrubuting factors to migration out of the city. Many resident, especially families, are opting instead for rural communities of the Bay Area, from Marin County to Napa wine country and south to Monterey’s Carmel Valley.

Read more here.

Photo by Josh Quinn via Wikimedia Commons

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