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If you compare rent trends of SF vs NYC or LA https://www.zumper.com/rent-research/san-francisco-ca https://www.zumper.com/rent-research/san-francisco-ca http

If you compare rent trends of SF vs NYC or LA https://www.zumper.com/rent-research/san-francisco-ca https://www.zumper.com/rent-research/san-francisco-ca https://www.zumper.com/rent-research/new-york-ny https://www.zumper.com/rent-research/new-york-ny https://www.zumper.com/rent-research/los-angeles-ca https://www.zumper.com/rent-research/los-angeles-ca You'll notice a huge difference between in SF and the other cities. Rent prices still hasn't gone back to pre pandemic level.

yodsanklai 4y ago
The prices in NYC are just insane!
- sethhochberg 4y ago
  Much like many cities - NYC included - are seeing people leave because they are no longer tied to wherever they had been with remote work, we're also seeing many people moving here specifically because they can work remotely from NYC. Available rental inventory is almost nonexistent right now, vacancy rates are at the floor. Much of our new development is exactly the kind of new amenity building that folks in the high-earning tech remote worker crowd often seek, but its still not managing to keep pace with demand. There's a shortage of inventory for virtually everyone except the billionaire class (not that they occupy much of the market in absolute terms). I've been in NYC about a decade an even in pre-pandemic years that most folks agree were much more stereotypically booming and I can't ever remember a housing market that was so frothy.
- colinmhayes 4y ago
  Apparently 3 beds are cheaper than 1 in new york. 3,695 vs 3,600.
  - mancerayder 4y ago
    That's probably a factor tied to area - dense Manhattan is more luxurious and expensive than Bensonhurst, where a three bedroom is more common and a fraction of the cost. A more meaningful metric would be, by borough, market rate housing. Then Manhattan three bedrooms will be 6,000 and not 3,600. They can easily reach 9 in a doorman building downtown.
cheriot 4y ago
Yes, SF has problems that are not related to the macro environment. nitpick: Rent prices in many neighborhoods are back up. It's specific areas in and near downtown that draw down the average.
eins1234 4y ago
Well, thank you for confirming my suspicions. I wish I saw this before posting https://news.ycombinator.com/item?id=31533926 https://news.ycombinator.com/item?id=31533926
bushbaba 4y ago
*But SF Bay surrounding communities have seen rent back up to pre-pandemic levels. So this trend seems SF city proper specific. https://www.zumper.com/rent-research/palo-alto-ca https://www.zumper.com/rent-research/palo-alto-ca https://www.zumper.com/rent-research/los-altos-ca https://www.zumper.com/rent-research/los-altos-ca https://www.zumper.com/rent-research/sunnyvale-ca https://www.zumper.com/rent-research/sunnyvale-ca https://www.zumper.com/rent-research/san-jose-ca https://www.zumper.com/rent-research/san-jose-ca https://www.zumper.com/rent-research/santa-clara-ca https://www.zumper.com/rent-research/santa-clara-ca https://www.zumper.com/rent-research/walnut-creek-ca https://www.zumper.com/rent-research/walnut-creek-ca https://www.zumper.com/rent-research/fremont-ca https://www.zumper.com/rent-research/fremont-ca https://www.zumper.com/rent-research/dublin-ca https://www.zumper.com/rent-research/dublin-ca https://www.zumper.com/rent-research/south-san-francisco-ca https://www.zumper.com/rent-research/south-san-francisco-ca https://www.zumper.com/rent-research/san-carlos-ca https://www.zumper.com/rent-research/san-carlos-ca
asdff 4y ago
Other cities seem like they have more diversified local economies than SF. Probably there are more people with the flexibility to work from home working in the bay area than in these other places.

yodsanklai 4y ago

The prices in NYC are just insane!

sethhochberg 4y ago
Much like many cities - NYC included - are seeing people leave because they are no longer tied to wherever they had been with remote work, we're also seeing many people moving here specifically because they can work remotely from NYC. Available rental inventory is almost nonexistent right now, vacancy rates are at the floor. Much of our new development is exactly the kind of new amenity building that folks in the high-earning tech remote worker crowd often seek, but its still not managing to keep pace with demand. There's a shortage of inventory for virtually everyone except the billionaire class (not that they occupy much of the market in absolute terms). I've been in NYC about a decade an even in pre-pandemic years that most folks agree were much more stereotypically booming and I can't ever remember a housing market that was so frothy.
colinmhayes 4y ago
Apparently 3 beds are cheaper than 1 in new york. 3,695 vs 3,600.
- mancerayder 4y ago
  That's probably a factor tied to area - dense Manhattan is more luxurious and expensive than Bensonhurst, where a three bedroom is more common and a fraction of the cost. A more meaningful metric would be, by borough, market rate housing. Then Manhattan three bedrooms will be 6,000 and not 3,600. They can easily reach 9 in a doorman building downtown.

cheriot 4y ago

Yes, SF has problems that are not related to the macro environment. nitpick: Rent prices in many neighborhoods are back up. It's specific areas in and near downtown that draw down the average.

eins1234 4y ago

Well, thank you for confirming my suspicions. I wish I saw this before posting https://news.ycombinator.com/item?id=31533926 https://news.ycombinator.com/item?id=31533926

bushbaba 4y ago

*But SF Bay surrounding communities have seen rent back up to pre-pandemic levels. So this trend seems SF city proper specific. https://www.zumper.com/rent-research/palo-alto-ca https://www.zumper.com/rent-research/palo-alto-ca https://www.zumper.com/rent-research/los-altos-ca https://www.zumper.com/rent-research/los-altos-ca https://www.zumper.com/rent-research/sunnyvale-ca https://www.zumper.com/rent-research/sunnyvale-ca https://www.zumper.com/rent-research/san-jose-ca https://www.zumper.com/rent-research/san-jose-ca https://www.zumper.com/rent-research/santa-clara-ca https://www.zumper.com/rent-research/santa-clara-ca https://www.zumper.com/rent-research/walnut-creek-ca https://www.zumper.com/rent-research/walnut-creek-ca https://www.zumper.com/rent-research/fremont-ca https://www.zumper.com/rent-research/fremont-ca https://www.zumper.com/rent-research/dublin-ca https://www.zumper.com/rent-research/dublin-ca https://www.zumper.com/rent-research/south-san-francisco-ca https://www.zumper.com/rent-research/south-san-francisco-ca https://www.zumper.com/rent-research/san-carlos-ca https://www.zumper.com/rent-research/san-carlos-ca

asdff 4y ago

Other cities seem like they have more diversified local economies than SF. Probably there are more people with the flexibility to work from home working in the bay area than in these other places.