San Francisco rents plunge 35% as exodus continues

By Around the Web

(ZEROHEDGE) – The median rent for a studio apartment in San Francisco plunged 35% in November from a year earlier, to $2,100, while costs for one-bedrooms slumped 27% to $2,716, according to Bloomberg, citing a new report from Realtor.com.

Declining rents is more confirmation of the exodus from the Bay Area as remote working allows city dwellers to leave the metro area for suburbs, Lake Tahoe, and elsewhere.

Danielle Hale, Realtor.com’s chief economist, said San Francisco-based technology “companies have been among the most flexible with allowing people to work remotely, and a lot of workers are taking advantage of that.”

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