San Francisco sees record-breaking drop in rent prices amid pandemic, according to Zumper data

ByAlix Martichoux KGO logo
Wednesday, July 1, 2020
SF rents see record-breaking price drop
This is the largest year-over-year drop in the price of rent the city has ever seen, according to data collected by apartment rental site Zumper.

SAN FRANCISCO (KGO) -- If there's one silver lining amid the coronavirus pandemic, it's that renters in the Bay Area may be able to save some money right now.



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.



CALIFORNIA REOPENING: Here's what's open, closed in the San Francisco Bay Area



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.





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.



RELATED: Gov. Newsom extends state eviction moratorium through September



See the company's full July rent report here.

Copyright © 2024 KGO-TV. All Rights Reserved.