Bay Area Rents Plummeted in June

Bay Area apartment rents continued to drop in June as the coronavirus kept most offices closed and layoffs mounted.

One-bedroom rents fell compared to the prior year in 27 of 31 Bay Area cities tracked by Zumper, a real estate listings website. The biggest drops were concentrated in major Silicon Valley tech hubs, including Cupertino, the home of Apple; Mountain View, where Google is headquartered; and Menlo Park, Facebook’s hometown. Those cities have some of the region’s highest rents. Emeryville was the only East Bay city that saw a double-digit drop.

San Francisco’s one-bedroom rents plunged 11.8%, the highest drop on record and the biggest among major U.S. cities. The city remains the most expensive in the country. …

Click here to read the full article from the San Francisco Chronicle.

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