The median rent for a studio apartment in San Francisco plunged 35% in November from a year earlier, to $2,100, while costs for one-bedrooms slumped 27% to $2,716, according to Bloomberg, citing a new report from Realtor.com.
Declining rents is more confirmation of the exodus from the Bay Area (as we’ve noted: here & here) as remote working allows city dwellers to leave the metro area for suburbs, Lake Tahoe, and elsewhere.
Danielle Hale, Realtor.com’s chief economist, said San Francisco-based technology “companies have been among the most flexible with allowing people to work remotely, and a lot of workers are taking advantage of that.”
Hale expects rents in the Bay Area to eventually recover, though it depends on how quickly people return to the office.- READ MORE
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