(CNBC) Rent prices continued to plunge across the U.S. last month, with San Francisco leading the decline, according to data from Zumper, a real-estate start-up.
The median rent for a one-bedroom apartment in San Francisco dropped more than 20% from a year ago, to $2,830, according to the report. That’s the largest decline the company has recorded. Month-to-month, the price of a median one-bedroom in the city dropped nearly 7%, according to Zumper.
Zumper CEO Anthemos Georgiades pointed toward a flood of supply in the market. Some renters may be inclined to move to the suburbs to get more space, as the Covid-19 pandemic spurred companies to close offices and allow employees to work from home. Facebook and Google, for example, have told employees they can work remotely at least through next summer.
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