San Francisco rents plunge as tech employees abandon high-priced city to work remotely

published 03.06.2020 19:27

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Rent prices in another high-priced California city, Los Angeles, were down 3.6 percent by comparison.

WEALTHY CORONAVIRUS RUSH HITS 'FORGOTTEN' TOWNS OF LONG ISLAND, AS HAMPTONS INVENTORY DRIES UP Anthemos Georgiades, the CEO of Zumper, called the San Francisco price decline “unprecedented” in a Twitter post, saying it supports the theory that people are starting to leave the city as options for remote work in the technology sector become more widely available.

Rents for a one-bedroom apartment in the major metro area were down 9.2 percent in June when compared with the same period last year, according to data from rental site Zumper.

Coronavirus-related work-from-home policies at the country’s biggest technology companies appear to have caused an exodus from Silicon Valley, which has sent rent prices in San Francisco plummeting.

CORONAVIRUS SPARKS 'INSANE' EVACUATION FROM NYC, MOVERS SAY, AS RESIDENTS HEAD SOUTH Georgiades noted the price plunge in Northern California could be even steeper than what the Zumper data indicates because landlords can conceal price drops in special terms within the lease, like offering a certain amount of weeks’ worth of free rent to move in.