SAN FRANCISCO, Calif. (KRON) – If you’ve been wanting to live in San Francisco but can’t afford the prices – now is a good time to rent.
Prices have plummeted as we head further into this pandemic.
In just the last month, there has been a significant difference. In fact, many people are renegotiating their rent.
We’re seeing major changes in the last month for San Francisco rentals in what were very popular areas.
People have packed up and left during the pandemic and this plays a significant role in these lower price points.
Zillow analysts say the city-wide average is just under $3,000 today but if you take a look at individual listings we’re seeing numbers that haven’t been around in about a decade.
There are hundreds of listings less than $2,000 for a studio and in the once-coveted neighborhoods, like North Beach, Marina, and Lower Pacific Heights, they’re seeing listings below low as $1,500 literally slashed by half since this time last year.
This is also a good chance to upgrade to a one-bedroom and you guessed it, an exodus of tech workers has something to do with it.
“Deals are being concentrated in traditionally some of the most expensive parts of the city that are really amenity-rich. Obviously, amenities that can’t be accessed now. Leading to a large part of that decline. Not to mention the workers there who are probably working remotely now and are now not having to pay that commute premium to be really close to work,” Zillow Group economist Joshua Clark said.
Overall, rent is down 6.9% across the San Francisco Metro Area since 2019, according to Zillow.
The eastern side seeing the biggest annual drop and just for more perspective on how wild this is, this time last year, we did a report on what was called PodShares that was a bunk bed in the Tenderloin for $1,200.