Big Shifts in Bay Area Rental Market
According to Zumper, big shifts in rents are already happening, with Cupertino (-16%), Mountain View (-15%), Emeryville (-14%) and San Francisco (-12%) seeing the biggest drop in rental rates, comparing June 2020 to June 2019. On the other hand, Livermore’s rents are up a whopping 15% year-over-year, with increases also seen in Campbell (5%), Oakland (5%), Daly City (4%), Concord (2%) and Walnut Creek (1%).
San Francisco remains the most expensive city in the Bay Area for renters in June, followed by other job centers like Mountain View, San Bruno, Redwood City, Menlo Park, Palo Alto and Cupertino. East Bay continues to have some of the least expensive rents, with Vallejo, Concord, Richmond and San Leandro being the most affordable in the region.
The global trend toward Working from Home has made affordable rents, outdoor space, and multiple rooms much more attractive, and we are certainly seeing it in the Bay Area now. With an unusually high number of people moving now, according to Pew Research, this trend is likely to continue and possibly accelerate in the next several months.