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Here's our final @Zumper rent trends update of 2020, and what a year it's been
1BR YoY median rent prices in the 2 most expensive US cities continued their historic slides in Nov:
SF
22.6% (vs -20.7% last month)
NY 16.8% (vs -15.0%)
1BR YoY median rent prices in the 2 most expensive US cities continued their historic slides in Nov:
SF
22.6% (vs -20.7% last month)NY
16.8% (vs -15.0%)
We also looked at the size of our inventory pool in e.g. SF
Zumper now has over 6,000 available units in SF, a significant increase on this time last year
Driven by both (i) increased vacancies from move-outs & (ii) short term rentals being converted into long term leases
Zumper now has over 6,000 available units in SF, a significant increase on this time last year
Driven by both (i) increased vacancies from move-outs & (ii) short term rentals being converted into long term leases
Median rent is now 'only' $2,700 for a 1BR in SF, down a full $1,000/mo from peak
Just look at how many rental listings there are under $2,000 now in SF. This was *unheard of* just a year ago: https://www.zumper.com/apartments-for-rent/san-francisco-ca/under-2000
Just look at how many rental listings there are under $2,000 now in SF. This was *unheard of* just a year ago: https://www.zumper.com/apartments-for-rent/san-francisco-ca/under-2000
There are a lot of people who have been forecasting the demise of the city, including @rabois who is leaving himself
Our rent data suggests this is indeed happening for a minority of the demo, and in particular the younger demo https://fortune.com/2020/11/17/keith-rabois-investor-silicon-valley-loses-another-tech-icon/
Our rent data suggests this is indeed happening for a minority of the demo, and in particular the younger demo https://fortune.com/2020/11/17/keith-rabois-investor-silicon-valley-loses-another-tech-icon/
Saying that, I have a somewhat contrarian view
I think SF will rebuild & prosper again
I moved here for the ecosystem in 2012 and it's *far* stronger today, even in the post-exodus Zoom era
I think SF will rebuild & prosper again
I moved here for the ecosystem in 2012 and it's *far* stronger today, even in the post-exodus Zoom era
I am not alone @villi https://twitter.com/villi/status/1331299225817149440
And if you look at the strength of home prices in the Bay Area (which have bucked the rental decline trend), it suggests many people are staying put and opting for more space, especially those with families and/or deeper roots @HansenLouis https://www.mercurynews.com/2020/11/09/bay-area-home-prices-soar-again-in-brisk-market/
Most founders I know in the Bay are staying
The vast majority of our SF employee base is staying
Yes a lot of new startups will begin life elsewhere now and that's awesome, I'm excited for it. But you can hold both positions that this doesn't mean SF is over
The vast majority of our SF employee base is staying
Yes a lot of new startups will begin life elsewhere now and that's awesome, I'm excited for it. But you can hold both positions that this doesn't mean SF is over
Given the move to more distributed work it's not clear if SF will ever be quite the same again
But I don't think that's a bad thing
The city needs to breathe, to rebuild, to re-set its (insane) cost of living to attract the next generation to come here
But I don't think that's a bad thing
The city needs to breathe, to rebuild, to re-set its (insane) cost of living to attract the next generation to come here
Time will tell. What a year. Stay safe and we're here to help you make your next move - http://www.zumper.com
Full data if you want to dig in further here: https://www.zumper.com/blog/rental-price-data/
