SAN FRANCISCO—New data from Zumper National Rent Report for March 2021 (apartment rent platform) shows San Francisco rents declined 24.3 percent for the median 1-bedroom price since last year. The city of San Francisco is still the most expensive place for one bedroom at $2,650 per month.
In June 2020, Zumper’s data showed San Francisco rents were down almost by 12 percent. This occurrence made the city’s decline the largest in the nation. Reports from 2020 prices rose steadily in more affordable cities, while prices dropped in expensive cities, but the trend has slowed down.
Charley Gross the policy director of the San Francisco Apartment Association released a statement to the public last year saying, “Anecdotally we had been hearing from members that lots of their renters were turning in their keys and leaving. Some residents are leaving the city altogether, but some are deciding to leave behind their roommate situations or are seeking more space.”
Remote jobs and the unexpected decrease in rent caused some cities like Miami and Austin to see a spike in renter’s interest. San Jose is now the third-most-expensive U.S. market and Oakland is the fourth-most-expensive, while Boston dropped to fifth. San Francisco remains in its top spot over New York.