Tech's Love Of WFH May Already Be Taking A Bite Out Of San Francisco Apartment Rents
In this series, Make Yourself At Home, we are hearing from members of the commercial real estate industry about how they are managing this new reality and gaining insight into their day-to-day approaches. You can subscribe on iTunes and Spotify.
In this episode, we head to California and speak with our Bay Area reporter, Dean Boerner.
There are many parallels between San Francisco and New York City when it comes to the fallout of the coronavirus: transit is a big hurdle for workers coming back to the office, and there are fears this crisis could drive even more people from the increasingly unaffordable city. Plus, massive office occupiers — the big technology firms, namely — have made statements about their newfound appreciation of remote work, which may have ramifications for both the office and residential market.
"There are some early signs of [residential] rents starting to fall, especially in certain pockets of the Bay Area,” Boerner said on the podcast. “In San Francisco specifically there are reports of rents starting to fall from their highs, which we saw last year of one-bedrooms asking rents of $3,600. As of now, you have the San Francisco Apartment Association reporting that one out of 13 San Francisco renters have broken their leases."