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San Francisco Apartment Rents Crater Up to 31%, Most in U.S.

By Patrick follow Patrick   2020 Oct 13, 8:56am 386 views   14 comments   watch   nsfw   quote   share    


https://www.bloomberg.com/news/articles/2020-10-13/san-francisco-studio-apartment-rents-plunge-31-most-in-u-s


San Francisco’s sky-high apartment rents are falling fast.

The median monthly rate for a studio in the city tumbled 31% in September from a year earlier to $2,285, compared with a 0.5% decline nationally, according to data released Tuesday by Realtor.com. One-bedroom rents in San Francisco fell 24% and two-bedrooms were down 21%, to $2,873 and $3,931 a month, respectively.

The figures underscore how the pandemic has roiled property markets and changed renter preferences. With companies allowing employees to work from home, people have fled cramped and costly urban areas in droves, seeking extra room in the suburbs or cheaper cities. Tech firms, in particular, have told staff they should expect to work remotely well into next year -- and may be able to do so permanently.

“Renters are likely heading to more-affordable areas where they can get more space at a cheaper price,” Danielle Hale, Realtor.com’s chief economist, said in a statement. “The future of rents in many of these cities will depend on whether companies require employees to work from the office or continue to allow remote work.”

Bargains can be had in other high-cost areas, too. Studio rents dropped 15% to $2,495 a month in Manhattan. In King County, Washington, which includes Seattle, they fell 12% to $1,490.
1   Ceffer   ignore (4)   2020 Oct 13, 9:03am     ↓ dislike (0)   quote   flag      

The cost of living with shit, piss, daily crime and assorted progressive punishments just dropped! Of course, the tax and fee Hoovers haven't begun in earnest, yet, just wait for them to present citizens with the bills for their ongoing mismanagement and corruption.
2   FuckTheMainstreamMedia   ignore (7)   2020 Oct 13, 9:46am     ↓ dislike (0)   quote   flag      

Downtown LA rents have collapsed to 2012 prices.
3   rocketjoe79   ignore (1)   2020 Oct 14, 11:17am     ↓ dislike (0)   quote   flag      

Ceffer says
The cost of living with shit, piss, daily crime and assorted progressive punishments just dropped! Of course, the tax and fee Hoovers haven't begun in earnest, yet, just wait for them to present citizens with the bills for their ongoing mismanagement and corruption.


Yeah, if that gets too bad, we'll have to go. Home prices where we are are jumping - a lot. BATS = Bay Area Transplants.
4   BayArea   ignore (1)   2020 Oct 14, 2:30pm     ↓ dislike (0)   quote   flag      

That money is being transferred to suburban SFH
5   EBGuy   ignore (1)   2020 Oct 15, 6:42pm     ↓ dislike (0)   quote   flag      

We're still seeing VCs dump near record amounts of capital into the Ess Eff Bay area ($12-$15 billion in Q3 2020). That "free" money trickles out in to the housing market.
6   Booger   ignore (7)   2020 Oct 15, 6:47pm     ↓ dislike (0)   quote   flag      

Fuck San Francisco.
8   Al_Sharpton_for_President   ignore (6)   2020 Oct 16, 5:55am     ↓ dislike (0)   quote   flag      

White man slave labor must be mandatory to fulfill righteous reparations consumer demand.
9   Booger   ignore (7)   2020 Oct 24, 4:21pm     ↓ dislike (0)   quote   flag      

BayArea says
That money is being transferred to suburban SFH


This is happening elsewhere as well. People fleeing Manhattan are bidding up houses on Long Island. Delaware (outside the shithole Wilmington) has a housing shortage (or maybe just the part below the canal). Lewes DE was already expensive before.
10   Rin   ignore (8)   2020 Oct 24, 4:37pm     ↓ dislike (0)   quote   flag      

Booger says
Delaware (outside the shithole Wilmington) has a housing shortage (or maybe just the part below the canal).


Historically, at least since the 70s, this was the general metro Philly problem where the urban/industrial centers like Chester PA, Philly PA, Camden NJ, Trenton NJ were more or less, dilapidated ghettos, while there were millionaires living just across the West Philly border on the Main Line 'burbs of Delaware and Montgomery Counties.
11   theoakman   ignore (0)   2020 Oct 24, 4:54pm     ↓ dislike (0)   quote   flag      

the cities experienced a euphoria where the police force actively squashed crime and made them nice places to live. Hell, hipsters were invading Harlem for Christ's sake. The cities are always ticking time bombs and we had the perfect storm of Coronavirus, recession, lock down, and a random black drug addict dying on film. Combine that with a DNC hellbent on making the president look bad and having their police force stand down, this is what you got. Now, those that just want to live a simple life and go to work, are voting with the feet. Unfortunately, many of those same people were the same morons who voted in assholes like Jenny Durkahm, Ted Wheeler, and Bill DeBlasio.
12   Ceffer   ignore (4)   2020 Oct 24, 5:36pm     ↓ dislike (0)   quote   flag      

Democrats be like someone who takes a big, stinky dump in their pants and then sits down in it and smiles.
13   ad   ignore (0)   2020 Oct 25, 12:16pm     ↓ dislike (0)   quote   flag      

.

From https://www.zumper.com/blog/rental-price-data/

Top 5 Rental Markets
1. San Francisco, CA 1-bedroom median price dropped 7% from the month prior to $2830. The 2-bedroom median dropped 7% to $3800. Both the 1-bedroom and 2-bedroom medians were down slightly over 20% from last year.

2. New York, NY 1-bedroom median price dropped 4% from the month prior to $2600, and 2-bedroom median decreased 2% to $2990. The 1-bedroom median and 2-bedroom median were down 12.5% and 11.3% from last year, respectively.

3. Boston, MA 1-bedroom median and 2-bedroom median rent remained flat at $2300 and $2800, respectively. The 1-bedroom median and 2-bedroom median dropped 8% and 3% from last year, respectively.

4. San Jose, CA 1-bedroom median remained flat at $2230 from the month prior and the 2-bedroom median decreased 1% to $2770. 1-bedroom median and 2-bedroom median rent decreased 9% and 6% from last year, respectively.

5. Oakland, CA was the 5th priciest rental market with the 1-bedroom median decreasing 3% from the prior month to $2130, and the 2-bedroom median decreased 4% from the prior month to $2700.

.
14   FuckTheMainstreamMedia   ignore (7)   2020 Oct 25, 3:12pm     ↓ dislike (0)   quote   flag      

Ceffer says
Democrats be like someone who takes a big, stinky dump in their pants and then sits down in it and smiles.


Ahahahaha!!! Spot on!

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