Experts say residents migrating out during the pandemic has driven rental prices down, behind New York City and Boston.
At one time, San Francisco was the most expensive city to rent. It dropped to second behind New York City and now has fallen to third for highest one bedroom median rents."In October, it was actually dethroned by Boston," said Crystal Chen, Zumper spokesperson.
"San Francisco has just not recovered fully, I mean New York saw more people migrating into the city than pre-pandemic and I think Boston has a bigger student population that also drives up demand," Chen continued. Ernest Chen experienced it first hand. Chen moved to France during the pandemic. He recently returned to his San Francisco teaching job but continued renting out his home, opting instead to rent an apartment in the city.Chen says he got a great deal on his new apartment, but also took a loss on the home he's renting."If you're a renter and you want a good deal, now is the time to start looking," said Crystal Chen.
Bay Area housing prices are still high. When looking at two-bedroom median rents, San Francisco holds on to second place and San Jose and Oakland make theClick here to open in a new window"San Francisco is never going to be a super cheap city that no one wants to live in, so I think rent prices will stay high but it's nice to see that there has been a softening," said Crystal Chen.
Scott's Florida savings were short lived. She ultimately moved again to New York City, an even more expensive city than San Francisco.
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