According to foreign media reports, the extremely high apartment rents in San Francisco are falling rapidly. according to Realtor.com Data released on Tuesday showed that,In September, the median monthly rent for a single room apartment in San Francisco fell 31% from a year earlier to $2285, compared with a 0.5% drop in US house prices.In San Francisco, monthly rent for one bedroom and two bedroom rooms fell by 24% and 21%, respectively, to $2873 and $3931, respectively.
The data highlight how the new outbreak has disrupted the real estate market and changed the preferences of tenants. As companies allow employees to work from home, people are fleeing crowded and expensive urban areas, choosing suburbs or cheaper cities for extra office space. Technology companies, in particular, have told employees that telecommuting should last until next year and may continue.
Realtor.com "Renters may go to more affordable areas where they can get more space at lower prices," chief economist Danielle Hale said in a statement. Whether many employees will continue to work in the city depends on whether they can continue to work in the city
The same is true in other high cost areas. Rent for one room apartments in Manhattan has fallen 15% to $2495 a month, while house prices in golden County, Washington, including Seattle, are down 12% to $1490.