San Francisco Rents On The Rise Amid Reduced COVID Restrictions; Return To Office Work
SAN FRANCISCO (CBS SF) -- The slow recovery of San Francisco's rental market has accelerated in June with the lifting of COVID-19 restrictions and companies preparing to welcome workers back to office work.
That's what a report from Zumper, a rental tracking firm, revealed with a week left in June.
Many businesses have announced plans to completely reopen their offices in July with vaccinated employees allowed to work without masks and social distancing.
Currently, Zumper's figures show that San Francisco has the highest monthly rate for a one-bedroom apartment in the country at $2,790. New York City ranked second at $2,570, Boston third $2,200, Washington D.C. fourth at $2,170 and San Jose at $2,160.
"The most recent data leave no doubt that Bay Area rents are now pointed upward after a year of unprecedented drops," said Jeff Andrews, Data Journalist with Zumper.
"Going into 2021, San Francisco rents were down about 25 percent," he contined. "With workers soon returning to offices, you'd expect rents to keep rising over the course of the next year. Will it get back to a median one-bedroom of $3,500? That remains to be seen and is likely dependent on how broadly tech companies adopt permanent work-from-home policies."
After four quarters of sharp drops in rent, each of the Bay Area's three major cities -- Oakland, San Jose and San Francisco -- saw rents rise in second quarter of 2021 compared to the first quarter, including a 5.3 percent increase for San Francisco.
"With life in the Bay Area getting back to 'normal,' there is no reason to think this won't continue in the near-term," the report concluded.
