Month over month, rent prices fell 1.5%.New York City has seen the second-largest decline in rental prices, at 3.9% since the beginning of the pandemic, followed by San Jose, Calif., and Miami – at 2.8% and 2.4%, respectively.In August alone, rent prices dropped 1.1% in New York City.“The fact that we’re seeing rents decrease at what is normally the peak season for rental activity is reflective of the financial hardship and shifting preferences being imposed by the pandemic,” researchers wrote.As previously reported by FOX Business, both New York City and San Francisco have dealt with an exodus of residents due to the pandemic.In New York, a severe coronavirus outbreak in early spring, coupled with remote work opportunities for many workers, has led residents to seek either temporary – or permanent – relocations in nearby suburbs, or in some cases other states altogether.Overall, researchers said market softness throughout the U.S. is being driven by public healthAdditionally, the widespread economic effects that the pandemic has had on the U.S. labor force and American families have played a role in rental prices.AARP is a nonprofit, nonpartisan organization that empowers people to choose how they live as they age.You are leaving AARP.org and going to the website of our trusted provider. The average rent for one-bedrooms in San Francisco in May was $3,360, a 9% drop from a year ago. Rents for a one-bedroom apartment dropped most in the cities richest in high-paying tech jobs, falling 9.2% in San Francisco compared with May of 2019. This is a list of all of the rental listings in San Francisco CA. In San Bruno, where YouTube has its offices, rents tumbled 14.9%.“It’s a dramatic drop in San Francisco and the South Bay,” said Zumper CEO Anthemos Georgiades. Please return to AARP.org to learn more about other benefits.You are leaving AARP.org and going to the website of our trusted provider. That makes this year’s growth the slowest by far.And in some major, expensive markets, rents are still declining, both month over month and over a more extended duration.In San Francisco, apartment prices have declined by 4.7% since March – the largest amount of any major city. “This is the first time ever the narrative is actually real.”The phenomenon of a lot of San Francisco renters “turning in their keys and leaving the city” is something landlords are seeing, according to Charley Goss of the San Francisco Apartment Association.“Lots of renters who maybe don’t have roots here, or who don’t need to be here for work, or who are frustrated with the city street conditions, are leaving,” he said. Please return to AARP.org to learn more about other benefits.You are leaving AARP.org and going to the website of our trusted provider. Please return to AARP.org to learn more about other benefits.You are leaving AARP.org and going to the website of our trusted provider. The provider’s terms, conditions and policies apply. As of July 2020, average rent for an apartment in San Francisco, CA is $3585 which is a 5.22% decrease from last year when the average rent was $3772 , and a 3.63% decrease from last month when the average rent was $3715. It was a narrative that was not supported by the facts, he said — until now.“I’ve lived in the Bay Area for eight years and I’ve heard that story for eight years,” he said. The provider’s terms, conditions and policies apply. The provider’s terms, conditions and policies apply.

We have never seen anything like it.”While rents are down across the country, the drop was more severe in high-priced coastal cities that over the past decade have been most attractive to tech entrepreneurs and their investors, Georgiades said. The provider’s terms, conditions and policies apply.

Please return to AARP.org to learn more about other benefits.You are leaving AARP.org and going to the website of our trusted provider.

The provider’s terms, conditions and policies apply. In San Francisco, apartment prices have declined by 4.7% since March – the largest amount of any major city. Don't forget to use the filters and set up a saved search.

Please return to AARP.org to learn more about other benefits.You are leaving AARP.org and going to the website of our trusted provider. Georgiades speculated that the East Bay may become even more attractive post-coronavirus among Silicon Valley employees who want to stay in the Bay Area but don’t feel the need to live close to their corporate campuses. ... J.K. Dineen is a San Francisco … Some developers are now offering eight free weeks, compared to the four weeks they were giving prior to the pandemic.“This definitely has a floor,” Georgiades said. “This is real. San Francisco, NYC rents continue decline Please return to AARP.org to learn more about other benefits.You are leaving AARP.org and going to the website of our trusted provider. SAN FRANCISCO RENTS PLUNGE AS TECH EMPLOYEES ABANDON HIGH-PRICED CITY TO WORK REMOTELY . UC Berkeley has yet to announce whether the fall semester will be remote or on campus.“It’s very unclear if those leases are going to be signed right now,” he said. In Mountain View, home to Google, rents fell 15.9% year over year, while in Apple’s hometown of Cupertino rents dipped 14.3%, according to the rental search engine Zumper. Please return to AARP.org to learn more about other benefits.

Email: J.K. Dineen joined the San Francisco Chronicle in 2014, focusing on real estate development for the metro group, a beat that includes land use, housing, neighborhoods, the port, retail, and city parks.

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