SAN FRANCISCO RENTS DROPPING
Cheaper rent in San Francisco?
For some Oakland tenants, the city across the Bay is more affordable now
San Francisco rents have gone down during the COVID-19 pandemic and some Oakland tenants are moving to San Francisco because it’s more affordable.
Even on a foggy San Francisco morning, the view from Scott Simmons’ 25th-floor apartment stretches from downtown to Golden Gate Park. The home of the 42-year-old tech worker is also spacious for a one-bedroom, featuring hardwood floors, new appliances and granite countertops.
A year ago, when he was sharing a two-bedroom place with his brother, Simmons couldn’t have imagined living in an apartment like this one. But last fall, when Simmons heard about big rent declines during the COVID-19 pandemic, he discovered he could get way more for his money in the heart of San Francisco than in the neighborhood where he was doubling up in Oakland.
“It’s bananas,” Simmons said. “I never thought I was going to be someone who was going to have a nice view. It’s a luxury.”
Since March, when government stay-at-home orders began emptying downtowns of workers and shoppers, the average rent for a one-bedroom apartment in San Francisco has dropped nearly 30%, the largest decrease in the country. The tech capital has hundreds of thousands of employees well positioned to work remotely, and they have. Outside the city.