One of the largest cities in the country Apartment inventory Glut, which is dropping prices.
According to real estate.com data, San Francisco prices fell the fastest in September, with costs down 24.2% per unit.
The other two cities in California – San Mateo and Santa Clara – experienced the second and third largest drop in average one-bedroom rental prices, followed by Suffolk, Mass and Manhattan.
The average rent for a one-bedroom apartment in Manhattan fell 15.4% year-on-year in September.
“As tenants continue to embrace the epidemic, many are looking for affordable housing, job opportunities, and opting for crowded areas,” the researchers wrote. “Urban areas such as the Bay Area, Manhattan, Boston, Seattle and Washington, DC all saw the biggest drop in rents compared to last year.
Overall, the average bedroom rental in the 100 largest American cities is down 1% per year.
Ted Egan, San Francisco’s chief economist, said the city had gained an experience 43% decline in sales tax He said revenue between April and June, rather than a decline in activity due to the epidemic, was the reason people flew out of the city.
While areas across California saw a decline in sales tax revenue, other cities increased online sales, but San Francisco did not.
“In San Francisco, we saw a huge drop in brick and mortar sales, a very small increase in online sales,” Egan said. “So this raises a question, where did that cost go?”
Some companies, such as Twitter and Facebook, have offered some employees the opportunity to work permanently from home.
Is Well documented aircraft Throughout the epidemic from New York City, Manhattanians took refuge in nearby suburbs or in different states.