by Wolf Richter
Wolf Street
Work-from-anywhere, unemployment, the land rush for houses, virus-fears about elevators, the oil bust: Big shifts for the fifth month in a row.
The combination of work-from-anywhere, ridiculously expensive rents, and coronavirus-fears associated with being on crowded elevators in apartment towers, is doing a job on the rental market in San Francisco. And not just in San Francisco, but also in New York, Seattle, Boston, San Jose, Los Angeles, Washington DC, Denver, and other expensive big-city rental markets. But it’s hitting San Francisco, the most expensive rental market, the hardest.
In some other markets, rents are skyrocketing. So here we go with our roller-coaster ride through the cities.