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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 947 views   40 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 (6)   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 (1)   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 (6)   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!
16   election2020   ignore (6)   2020 Dec 9, 7:45pm     ↓ dislike (0)   quote   flag      

East bay especially cities on border of contra Costa and Almeda are super hot.
The prices for nicer homes have almost doubled in last 7-8 years.

I should be happy that i am making money without toiling for it, But I don't.
I prefer hard work to be rewarded, But unfortunately all the casino financial work or internet work is rewarded much more than hard engineering work like semiconductor design.
The artificial boosting of assets only make rich richer.
17   clambo   ignore (5)   2020 Dec 9, 7:52pm     ↓ dislike (0)   quote   flag      

I’m happy to make money “not working”.
I have money because I had the discipline to save it, the brains to invest it, and the balls to say “No” to an endless stream of temptresses.
Now I can choose what I do and where I go.
Monday I took a drive down to Morro Bay, stayed the night, and drove up Hwy 1 via Big Sur, it’s a blast.
I’m nobody’s landlord however and likely would hate being one.
18   Blue   ignore (0)   2020 Dec 9, 8:42pm     ↓ dislike (0)   quote   flag      

Prices are going up both in Sacramento area and San Jose as people are moving in as per realtor.com
19   richwicks   ignore (4)   2020 Dec 9, 8:45pm     ↓ dislike (0)   quote   flag      

Blue says
Prices are going up both in Sacramento area and San Jose as people are moving in as per realtor.com


In the Weimar Republic, you could buy a 6 bedroom house for 5 ounces of gold in an upscale neighborhood.

This train wreck will be interesting, but not certain it will be fun.
20   WineHorror1   ignore (2)   2020 Dec 9, 9:08pm     ↓ dislike (0)   quote   flag      

It blows my mind how home prices are rising during these "unprecedented" times.
21   FuckCCP89   ignore (5)   2020 Dec 9, 9:10pm     ↓ dislike (0)   quote   flag      

WineHorror1 says
It blows my mind how home prices are rising during these "unprecedented" times.


Rates are low. People who are still working are flush with cash saved from not driving/traveling/eating out. Figures.
22   CBOEtrader   ignore (6)   2020 Dec 10, 5:14am     ↓ dislike (0)   quote   flag      

WineHorror1 says
It blows my mind how home prices are rising during these "unprecedented" times.


Trillions of printed money and a rent moratorium will do that.

Wait until the 40% of people who can't make rent start getting evicted
23   FuckTheMainstreamMedia   ignore (7)   2020 Dec 10, 6:49am     ↓ dislike (0)   quote   flag      

theoakman says
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.


And then you have asshole Soros backed DA George Gascon in LA, turning it up another notch:



24   Patrick   ignore (1)   2020 Dec 28, 5:56pm     ↓ dislike (0)   quote   flag      

http://socketsite.com/archives/2020/12/average-rent-in-san-francisco-has-dropped-1000-this-year.html

With the average asking rent for a one-bedroom apartment in San Francisco having dropped 23 percent over the past year to under $2,700 a month and the average asking rent for a studio having dropped even more, the weighted average asking rent for an apartment in the city, which currently measures around 2.3 bedrooms when counting a studio as having one, has dropped to $3,100 a month.

While $3,100 a month in rent certainly isn’t “cheap,” it’s now $1,000 a month or 24 percent cheaper than in January of this year and nearly 31 percent below a 2015-era peak of closer to $4,500 a month.

And despite the precipitous drop in rents, resultant pro forma cash flows for investment properties and inputs for rent versus buy calculations, there are still over three times as many apartments currently listed for rent in San Francisco than there were at the same time last year with an overall vacancy rate that’s ticked up to around 10 percent (and climbing).
25   Shaman   ignore (2)   2020 Dec 28, 6:05pm     ↓ dislike (0)   quote   flag      

Patrick says
there are still over three times as many apartments currently listed for rent in San Francisco than there were at the same time last year with an overall vacancy rate that’s ticked up to around 10 percent (and climbing).


Who would want to live there if they didn’t have to for work?
26   Ceffer   ignore (6)   2020 Dec 28, 6:26pm     ↓ dislike (0)   quote   flag      

San Francisco rents have cratered deeper than an air to ground missile strike in Nashville.
27   B.A.C.A.H.   ignore (0)   2020 Dec 28, 6:29pm     ↓ dislike (0)   quote   flag      

Shaman says
Who would want to live there if they didn’t have to for work?


Or asked another way, why would they want to pay those salaries if their workers can live anywhere?
28   BayArea   ignore (1)   2020 Dec 28, 7:17pm     ↓ dislike (0)   quote   flag      

WineHorror1 says
It blows my mind how home prices are rising during these "unprecedented" times.


The upper and upper middle class is enjoying their best financial year ever! Hooray

The lower and lower middle class is struggling in tough times.

America!
29   mell   ignore (6)   2020 Dec 28, 7:44pm     ↓ dislike (0)   quote   flag      

CBOEtrader says
WineHorror1 says
It blows my mind how home prices are rising during these "unprecedented" times.


Trillions of printed money and a rent moratorium will do that.

Wait until the 40% of people who can't make rent start getting evicted


It has already started in SF. Price cuts of 50k-200k are normal now. Quite a few panic sellers hitting the market which is subdued due to Covid restrictions and moratorium but not much longer.. Except for a few suburbs or places that have been traditionally cheap a d often unsafe the rest will follow. I do not buy any home prices acceleration above inflation in 2021 for the best case, likely a nominal stall or decline.
30   B.A.C.A.H.   ignore (0)   2020 Dec 28, 7:49pm     ↓ dislike (0)   quote   flag      

We Bay Areans are so freakin smug we're all so sure we're the Secret Sauce. No other place like here, no other folks like us.

Kind of like the Bowler types in The City of London. Of course they will continue to pay us the salaries that prop up the housing prices here. You know, like in London.
31   Blue   ignore (0)   2020 Dec 28, 8:05pm     ↓ dislike (0)   quote   flag      

just anecdotal evidence that quite a lot of folks I know bought either primary or investment property in 2020 and optimistic about price hike in foreseeable future as oppose to the following link.
http://www.homebuyinginstitute.com/news/will-falling-demand-hurt-prices-san-francisco/
...the median price for existing homes across the Bay Area rose 18.7% from August 2019 to August 2020.
...the SF ...price for existing single-family homes rose by 3.8% year over year, and basically flatlined from July to August of this year.
Forecast ... research team at Zillow recently offered a negative home-price forecast for the San Francisco housing market, going into 2021. They expect prices to dip slightly between now and this month next year.
32   HunterTits   ignore (4)   2020 Dec 29, 5:40am     ↓ dislike (0)   quote   flag      

Burn, Libtard Shit-hole city. Burn!
33   Booger   ignore (7)   2021 Feb 16, 3:03pm     ↓ dislike (0)   quote   flag      

https://www.ktvu.com/news/sf-supervisor-says-lack-of-tourists-has-criminals-now-targeting-residents.amp

SF supervisor says lack of tourists has criminals now targeting residents

They attribute what they say is an increase in crime to "economic desperation" and "tourism has gone down so substantially in San Francisco that criminal rings that targeted tourists in areas that tourists frequent no longer have tourists there," said Supervisor Ronen.

Couillard would like to see proactive measures such as an increase in patrols by San Francisco police officers and that he wasn’t overly encouraged by the town hall meeting because it lacked concrete plans of action to reduce crime in the neighborhood.
34   WineHorror1   ignore (2)   2021 Feb 16, 3:07pm     ↓ dislike (0)   quote   flag      

Booger says
https://www.ktvu.com/news/sf-supervisor-says-lack-of-tourists-has-criminals-now-targeting-residents.amp

SF supervisor says lack of tourists has criminals now targeting residents

They attribute what they say is an increase in crime to "economic desperation" and "tourism has gone down so substantially in San Francisco that criminal rings that targeted tourists in areas that tourists frequent no longer have tourists there," said Supervisor Ronen.

Couillard would like to see proactive measures such as an increase in patrols by San Francisco police officers and that he wasn’t overly encouraged by the town hall meeting because it lacked concrete plans of action to reduce crime in the neighborhood.

Bwahaha, it just keeps getting better and better.
35   RC2006   ignore (2)   2021 Feb 16, 4:01pm     ↓ dislike (0)   quote   flag      

Earthquake and city burning to the ground is the best chance of breaking negative feedback loop there.
36   HunterTits   ignore (4)   2021 Feb 17, 2:22pm     ↓ dislike (0)   quote   flag      

WineHorror1 says
It blows my mind how home prices are rising during these "unprecedented" times.


How much is it Indian and Chinese (despite the capital control bans, there's ways around them) hot money tho?
37   mell   ignore (6)   2021 Feb 17, 4:16pm     ↓ dislike (0)   quote   flag      

HunterTits says
WineHorror1 says
It blows my mind how home prices are rising during these "unprecedented" times.


How much is it Indian and Chinese (despite the capital control bans, there's ways around them) hot money tho?


This is also a misrepresentation, prices are not rising. Inventory has been low in many areas in CA and Covid and the moratorium made it worse, so the few that are on the market push up the computed avg slightly. Any area where more houses have been coming onto the market prices are being slashed, such as SF. Have been shopping for a few months now and even in the hot areas only those shacks (mostly sfhs) priced to sell sell fast and above ask. Most sit on the market for about 2-3 months. I don't see a crash or serious drop but prices are pretty stagnant right now. Of course xi-den pushed out the foreclosure moratorium til July, but those smart enough won't wait for the flood of foreclosures in summer and put their shack on the market now.
38   Blue   ignore (0)   2021 Feb 17, 6:46pm     ↓ dislike (0)   quote   flag      

Does anyone think Prop 19 makes any difference for inherited investment properties which are not in the trust may get tax rate adjusted to market value upon transfer.
39   mell   ignore (6)   2021 Feb 17, 6:49pm     ↓ dislike (0)   quote   flag      

Blue says
Does anyone think Prop 19 makes any difference for inherited investment properties which are not in the trust may get tax rate adjusted to market value.


Perhaps a little. But more important will be the anticipated final end of the moratorium in summer, with properties likely coming onto market starting spring to frontrun the coming foreclosures.
40   Tenpoundbass   ignore (15)   2021 Feb 17, 7:03pm     ↓ 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.


Those are Shit Birds!

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