SF apartment rents fall. Tech layoffs to further weaken housing market
source link: https://www.sfchronicle.com/sf/article/s-f-apartment-rents-fell-again-tech-layoffs-17757376.php
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S.F. apartment rents fell again. Tech layoffs could weaken the housing market further
A “for rent” sign posted in front of an apartment building in San Francisco in 2021. The city and entire Bay Area are seeing rents drop.
Justin Sullivan, HODELETE60 / TNS
San Francisco and the rest of the Bay Area saw apartment rents fall in January at a higher rate than the national average, another sign of a slowing Bay Area economy that could be hurt further by mass tech layoffs, according to data from Apartment List.
San Francisco median rents fell 1.1% to $2,174 per month compared to December, one of the biggest drops in the country. Metro area rents are down 5% compared to March 2020 when the pandemic started, making San Francisco and San Jose the only two metro areas with more than 1 million people that have rents that are below pre-pandemic levels.
Roland Li covers commercial real estate for the business desk, focusing on the Bay Area office and retail sectors.
He was previously a reporter at San Francisco Business Times, where he won one award from the California News Publishers Association and three from the National Association of Real Estate Editors.
He is the author of "Good Luck Have Fun: The Rise of eSports," a 2016 book on the history of the competitive video game industry. Before moving to the Bay Area in 2015, he studied and worked in New York. He freelanced for the Wall Street Journal, the New York Times and other local publications. His hobbies include swimming and urban photography.
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