The price of rental housing continues to decline around the U.S., with San Francisco’s rents falling 20 percent from a year previous, the steepest drop in the country.
September’s median price of a one-bedroom flat in the city was $2,380, down 7 percent from August, according to Zumper, an online apartment finder.
The price sag is due to a combination of tech companies permitting employees to work from home and unemployment resulting from the economic shutdown.
“I think we’re talking years” for the rental market “to fully recover, not months,” said Anthemos Georgiades, Zumper’s CEO.
Houses are still selling in San Francisco, although not as quickly as has been common in recent years and many owners have cut prices to draw buyers.
Listings reached a peak of 1,483 in August.
