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The rent for a studio in San Francisco fell more than 30% from what it was last year, yet another indication that remote work and the pandemic are altering the city’s real estate market.
The median rent for a studio in the city is now estimated to be $2,285, a 31% drop from what it was last September, according to new data released Tuesday by Realtor. The median rent for a one-bedroom apartment and a two-bedroom apartment dropped 24% and 21%, respectively. Out of all the US markets included in the report, San Francisco saw the biggest rent decreases for two-bedrooms, one-bedrooms, and studios.
Rent statistics and anecdotal data have for months pointed toward a trend of people leaving San Francisco. Moving companies in the city have been slammed with business in recent months due to the influx of residents seeking to move away, as Business Insider’s Rob Price reported. And according to an August Zillow report, nearly twice as many homes are for sale in San Francisco as the same time last year.
Reports of residents leaving the city, however, are nothing new and predate the COVID-19 pandemic — soaring housing prices, a high cost of living, …read more
Source:: Businessinsider – Strategy