“Exodus” in Full Swing: November Rents Swoon in San Francisco, New York, Boston, Los Angeles… But Skyrocket in Other Cities

by Wolf Richter
Wolf Street

San Francisco rents plunged by stunning 27% in 18 months. But in 5 big cities, rents jumped by 20%+. But in some of the cheapest cities, rents dropped.

The rent drama in the US is displaying what is happening in the working world: massive shifts are under way, powered by work-from-home which has turned into work-from-anywhere, and other factors. Rents are responding to the ebbs and flows of the people.

San Francisco rents, the most expensive in the US, in a stunning downward spiral.

The median asking rent for one-bedroom apartments in San Francisco fell by another 3.6% in November from October, to $2,700, bringing the plunge since April to $800 or 23%, according to data from Zumper’s Rent Report. From the peak in June 2019, one-bedroom asking rents have now plunged by 27%, or by $1,020 per month:

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