The average cost of renting a one-bedroom apartment in San Francisco was 11.8% lower in June 2020 compared to the same month last year, which is the largest year-over-year drop the city has ever seen, according to data collected by apartment rental site Zumper.
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Other Bay Area cities saw even bigger drops, Zumper CEO Anthemos Georgiades tweeted: down 15.1% in Mountain View, 13.5% in Menlo Park and 15.7% in Cupertino.
To be clear, the cost of renting in the Bay Area is still expensive. Very expensive. Zumper lists the average one-bedroom rent in San Francisco at $3,280 a month - the priciest big city listed.
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There's some evidence that as rent drops in major cities like San Francisco and New York, it could be driving up prices in "satellite cities." For example, the cost of rent in Sacramento was up about 5% last month, says Zumper.
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See the company's full July rent report here.