2020 Oct 13, 8:56am
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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.
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.
That money is being transferred to suburban SFH
Delaware (outside the shithole Wilmington) has a housing shortage (or maybe just the part below the canal).
Democrats be like someone who takes a big, stinky dump in their pants and then sits down in it and smiles.
Prices are going up both in Sacramento area and San Jose as people are moving in as per realtor.com
It blows my mind how home prices are rising during these "unprecedented" times.
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.
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).
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?
WineHorror1 saysIt 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
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 residentsThey 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.
WineHorror1 saysIt 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?
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.