San Francisco asking rents are now lower than in Jersey City, a large suburb of New York City, as residential rents continue to stagnate since the pandemic.
To be sure, San Francisco apartments are hardly a bargain: Median rents for a one-bedroom hovered at $3,000 per month in June, according to Zumper. San Francisco's rents are the third-priciest in the country, behind New York City and Jersey City, whose median rents are $3,900 and $3,370.
But current rental prices in San Francisco reflect an extended downturn since the pandemic that's unusual compared to many other U.S. cities.
Mountain View, Cupertino and Santa Clara surpassed San Francisco as the priciest Bay Area cities for renters, according to data released released earlier this month by Zumper. Vallejo, Antioch and Richmond were the most affordable.
San Francisco is no longer the most expensive city for house & apartment rentals in the Bay Area, by some distance
— Anthemos Georgiades (@anthemos) June 1, 2023
It's now #4
via @zumper pic.twitter.com/UdpzvfZsJ5
As businesses closed and tech workers went remote, San Francisco lost tens of thousands of residents during the height of the pandemic.
Between April 2020 and July 2022, San Francisco lost roughly 7.5% of its total population—a higher percentage than any other U.S. county.
As businesses closed and tech workers went remote, San Francisco lost tens of thousands of residents during the height of the pandemic.
Between April 2020 and July 2022, San Francisco lost roughly 7.5% of its total population—a higher percentage than any other U.S. county.