SAN FRANCISCO—According to statistics for the month of June from Zumper, an online platform for apartment rentals, the median rental price for a one-bedroom apartment in San Francisco dropped by 11.8 percent, from $3,720 to $3,280.
The median rental price for a one-bedroom apartment in San Francisco had dropped by 9.2 percent in May. The decrease is based on the statistics of 9,000 listings in the city.
On Wednesday, July 1, Anthemos Georgiades, the CEO of Zumper, tweeted:
“Two trends have driven this, one macro-economic, one micro:
- Enormous recession brought on by #Covid19
- Move to remote future of work for large tech employers like FB
The Bay Area’s dips are sharper than any other major metro due to the latter.”
Twitter and Facebook have transitioned to long-term, remote work, resulting in tech workers leaving the city.
“.@sarahfrier you wrote about this in mid May. I agreed with the sentiment but never thought we’d see a 12% YoY drop in SF rents. And yet here we are,” added Georgiades.
The Zumper National Rent Report states:
“Overall, the national one-bedroom rent grew 1% to a median of $1,229, while two-bedrooms increased 0.8% to $1,485.”
San Francisco still has the highest median rental price for a one-bedroom apartment in the United States.