San Francisco apartment rentals fall 31% in September 2020 From Realtor
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According to foreign media reports, the extremely high apartment rents in San Francisco are falling rapidly. according to Realtor.com The median monthly rent for a single room apartment in San Francisco fell 31% in September from a year earlier to $2285, compared with a 0.5% drop in US house prices, according to data released on Tuesday. In San Francisco, monthly rent for one bedroom and two bedroom rooms fell by 24% and 21%, respectively, to $2873 and $3931, respectively.
The data highlight how the new crown outbreak disrupts the real estate market and changes the preferences of renters. As companies allow employees to work at home, people flee crowded and expensive urban areas, choosing suburbs or cheaper cities to find additional office space. Technology companies in particular, they have told employees that telecommuting should continue until next year and may continue.
Realtor.com “Renters may go to more affordable areas where they can get more space at lower prices,” chief economist Danielle Hale said in a statement. The future rent in many cities will depend on whether companies require employees to work in the office or continue to work remotely. “
The same is true in other high cost areas. Rent for one room apartments in Manhattan is understood to have fallen by 15% to $2495 a month, while house prices in golden County, Washington, including Seattle, are down 12% to $1490.
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