One of its listings is a one-bedroom apartment with a remodeled kitchen and bathroom in San Francisco’s Nob Hill neighborhood. It is rented for $ 2,000 per month. That is 25 percent less than last year. And, the first month is free. He has two units available in the eight-unit building on Washington Street.
“(They have) 600-650 square feet. Beautiful, classic San Francisco apartments. At any other time, they would have been rented immediately,” says Meyskens.
Crystal Chen is an analyst at the rental site Zumper. She says 2020 was a year of unprecedented decline in Bay Area rentals.
RELATED: San Francisco Rental Prices Dropped 31% As Residents Seek More Space and Cheaper Housing Amid the Pandemic
According to Zumper, San Francisco had the biggest drop for a one-bedroom apartment across the country. Rents fell 23%. Oakland fell 19% and 15% in San Jose.
“Tenants’ priorities have really shifted from big city amenities, like nightlife and going out, to space and accessibility,” explains Chen.
But many predict that renters will begin returning to the Bay Area in 2021, especially in cities like San Francisco. A lower rent means that those who were previously low prices can afford to come back.
“I’ve spent the past 10 years getting people to move from (San Francisco) to Oakland. And in just the past eight months, people are moving from Oakland back to San Francisco. It’s a change, ”says Meyskens.
Chen expects an even bigger change this summer, when more people are vaccinated and life begins to return to “normal”.
RELATED: San Francisco Sees Record Fall in Rental Prices Amid the Pandemic, According to Zumper Data
“I definitely think there will be people moving back to the city, I don’t think it will be as expensive and crazy as it was before the pandemic,” said Chen.
On the other hand, are the current owners.
The fall in rental prices and with the still large number of vacancies, many are struggling.
RELATED: How is COVID-19 impacting housing in the Bay Area? Expert evaluates
The Bay Area Homeowners Network, or BAHN, held a small car rally through San Francisco’s Chinatown to protest California’s eviction moratorium.
Jenny Zhao owns some condos in South Bay. She, her husband, lost her job due to the pandemic. With tenants in arrears, she says her family is suffering.
“We have to pay the mortgage, we have to maintain it, make repairs to the buildings. So, how are we going to survive?” says Zhao.
She says she understands the plight of many tenants due to the pandemic, but says there needs to be more equity around the legislation.
Despite the difficulties on both sides, Meyskens remains optimistic.
“I think (San Francisco) will get better in the long run after all this, because it needed a recalibration. For everyone, in the long run, I think it will be good, ”he says.
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