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San Francisco, Silicon Valley rents plunge amid downturn

sfchronicle.com

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Re: San Francisco, Silicon Valley rents plunge amid downturn

#301

Post by Balgair »

gretch wrote: post #92
Simulacra wrote: post #2

"Rents for a one-bedroom apartment dropped most in the cities richest in high-paying tech jobs, falling 9.4% in San Francisco compared with May of 2019. In Mountain View, home to Google, rents fell 15.9% year over year, while in Apple’s hometown of Cupertino rents dipped 14.3%, according to the rental search engine Zumper. In San Bruno, where YouTube has its offices, rents tumbled 14.9%."

This really doesn’t match my personal experience at all. I live in Mountain View (work at G) and pay 2k for a 1 bedroom (non luxury). Lived here 3 years and pretty happy with it but I checked Craigslist and padmapper last week for some of these supposed 15% rent discounts and found rent to be pretty much the same as pre pandemic. This is anecdata and I’m using human memory to compare rates per location/amenities but…

> 2k for a 1 bedroom (non luxury)

I did this for a time in LA, but man, every time I see these rates, I'm just so glad I'm not there. I pay ~2k for a 3 story house, 5 bed, 3 bath, jacuzzi, 2 car garage, a smallish yard, and full HOA thingys like a big gym/YMCA center, shooting range, 18 hole golf course, batting cages, big pools, and camping areas. Denver area.

Re: San Francisco, Silicon Valley rents plunge amid downturn

#302

Post by ccktlmazeltov »

DevX101 wrote: post #5

Looks like people are really leaving the Bay Area. you don't see 10-15% price drops in a year without corresponding drop in demand.

The prices I'm seeing right now on craigslist are tending more towards 30-50% decrease, not 10-15%

It is pretty insane, I don't see why anyone wouldn't move to a new place. The only thing that is making me think twice is that I'm in a rent controlled place right now and there's no way I would move to a non-rent controlled place.

Re: San Francisco, Silicon Valley rents plunge amid downturn

#303

Post by ccktlmazeltov »

RcouF1uZ4gsC wrote: post #53

I expect in the near future, the urban rents in general will fall. Between COVID and rioting, living in a dense city just lost a lost of luster.

I'd think why would anyone not live in a dense city once life comes back? Suburbs are pretty boring.

Re: San Francisco, Silicon Valley rents plunge amid downturn

#304

Post by ccktlmazeltov »

tinyhouse wrote: post #109

I live in the greater Boston area and recently all suburbian homes I've seen sold for more than the asking price. I'm not following rentals so cannot tell. I don't think prices gonna drop any time soon. I hope I'm wrong. Boston has tech but smaller than SF. It's big on pharma, hospitals, and universities. Such industries cannot switch to fully remote so change here might not be as drastic as in other places.

I just checked and rents are down 30-50% in SF, but real estate hasn't moved (I would say it even went up)

Re: San Francisco, Silicon Valley rents plunge amid downturn

#305

Post by ccktlmazeltov »

Splendor wrote: post #9

> The 9.2% drop in the average one-bedroom San Francisco rent of $3,360 still leaves it unaffordable for the vast majority of city residents. Yeah, that's not much of a drop.

That's the average, I'm seeing 30-50% drop just by glancing on craigslist.

Re: San Francisco, Silicon Valley rents plunge amid downturn

#306

Post by ccktlmazeltov »

usaar333 wrote: post #195
01100011 wrote: post #174

I'm curious how much this is driven by foreign students, specifically Chinese, staying home. On social media I've noticed the meme that China is peaceful and stable vs the USA which is currently still fighting the virus and plagued by massive unrest. I think the lack of interns, tech layoffs, and WFH may be a larger part of it, I'm just wondering if there is any data out there on how it breaks down by category.

I would think that international students from China is not only a minimal amount of the population, but also that very few have even left. (thanks to China's "five one" airline policy making it very difficult to go back to China)

five one?

Re: San Francisco, Silicon Valley rents plunge amid downturn

#307

Post by ccktlmazeltov »

ThrowAwayBay wrote: post #273

My lease in Sunnyvale is ending in 3 months, already last month my landlord approached me and asked if I want to stay for an extra year at a 5% increase. I told him I'd like to take some time to think about it and see where things are headed, but I'll need to get back to him soon. My house is below market already from looking at Zillow, and even with a 5% increase it still will be, but I'm not sure what I should do (…

I've had that happen to me and I told them that I would move if they increase the price. I really didn't want to move, but I'm also too proud to let someone up my rent like that. It worked, they didn't increase the rent.

Re: San Francisco, Silicon Valley rents plunge amid downturn

#309

Post by usaar333 »

ccktlmazeltov wrote: post #306
usaar333 wrote: post #195

Earlier quoted context omitted.

I would think that international students from China is not only a minimal amount of the population, but also that very few have even left. (thanks to China's "five one" airline policy making it very difficult to go back to China)

five one?

one flight per week per country per airline

https://www.caixinglobal.com/2020-05-28/china-wont-ease-curb....

It's extremely expensive to fly into China right now because of it.

Re: San Francisco, Silicon Valley rents plunge amid downturn

#310

Post by tylerhou »

jedberg wrote: post #278
tylerhou wrote: post #260

Earlier quoted context omitted.

UC Berkeley has not yet made a decision on whether classes will open in the fall. There are three possible plans for the fall at the moment [1]. The UC President has said that they expect a hybrid mode of instruction, but it's not clear whether there will be in person classes. It seems like each school themselves have a say in the decision. > Napolitano indicated that each UC campus would be required to “meet system-…

I think you just said the same thing I did.

You said that Berkeley would be open, but there is a real possibility that no classes will be held on campus at all.
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