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.
Talk to anyone in the Bay Area.— Anthemos Georgiades (@anthemos) July 1, 2020
This is real.
I took my kiddo out for a walk to the beach this weekend. We must have seen half a dozen U-Hauls.
Buildings have been reported 1/4 empty.
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.
Here are all the 1BR & 2BR YoY price changes in the Bay Area pic.twitter.com/5xgjgLuFKe— Anthemos Georgiades (@anthemos) July 1, 2020
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.