SAN FRANCISCO (CBS SF) — Rents are tumbling and the number of homes listed for sale are soaring — all signs that the COVID 19 exodus from San Francisco was not losing its momentum six months into the pandemic.
With many of the region’s top employers still under work-at-home mandates or having furloughed or reduced staffing, the once red-hot real estate market has gone into a chill.
Apartmentlist.com — the San Francisco-based online listing service — said rents in the city have decreased by 5.2% month-over-month in September and are down by 17.8% since the start of the pandemic in March — the fastest decline among the nation’s 100 largest cities.
Median two-bedrooms were renting for a cost $2,592 while one-bedrooms were going for $2,240. It was a much different snapshot of the local market at the start of the year before the