San Francisco's lowest rent prices in 3 years, down 9.2%Return to Blog
Categories: Homes Planning Real Estate
Rents for one-bedroom apartments in San Francisco have dropped by 9.2% since June 2019, according to Zumper. That is the highest drop since the rental site started recording such data in 2015, and brings median one-bedroom prices down to levels not seen since March 2017.
With the economy wavering and unemployment numbers skyrocketing, witnessing such a steep dip should not come as a surprise. But many long-time San Francisco residents find the nearly double-digit year-over-year decline "shocking." Prices are unlikely to plateau anytime soon, with median one-bedroom prices in San Francisco dropping about 3% just in May alone.
Particularly in tech-heavy locations like San Francisco, where workers may be able to work from home indefinitely. As an ever-increasing number of organizations move into remote work, many renters are seeking more affordable options outside of large metropolitan areas. Renters do not want to pay high rent prices when they are unable to use the amenities for which they pay.
Many San Francisco renters have their sights set on nearby locations that offer more space and affordability. Sacramento, Hayward, Sonoma, Yountville, and Los Angeles have been the biggest beneficiaries of San Francisco's rental exodus. So, even with a dramatic decrease in demand, will San Francisco ever truly be "affordable" again? We’ll have to see how low it goes in the coming months to find out.
If you are seeking to join other renters and move out of San Francisco, please visit our residential rentals page with affordable units available across the east bay.
If you are interested in buying a home in the Bay Area, please contact Darryl Glass at (510) 500-7531 or e-mail firstname.lastname@example.org. You may also find our Property Search Tool helpful in your home search, learning from currently listed homes in the neighborhoods you love.