One of its offerings is one bedroom apartment with a renovated kitchen and bathroom in the Nob Hill area of San Francisco. It rents for $ 2,000 a month. That’s 25 percent less than last year. And the first month is free. He has two units available in the eight-unit building in Washington Street.
“(It’s) 600-650 square feet. Nice, classic San Francisco apartments. In any other given time, they would be rented right away,” Meyskens says.
Crystal Chen is an analyst at rental site Zumper. She says 2020 was a year of unprecedented declines in rents for the Bay.
RELATED: San Francisco Rental Rates Drop 31% As Residents Depart for More Space, Cheaper Housing Amid Pandemic
According to Zumper, San Francisco had the largest drop for a one-bedroom apartment in the entire country. Rents are down 23 percent. Oakland is down 19 percent and San Jose is up 15 percent.
“Tenants’ priorities have really deviated from major city amenities, such as nightlife and going out, and to space and affordability,” Chen explains.
But many predict that tenants will start returning to the Bay in 2021, especially in cities like San Francisco. Lower rents mean that those previously priced out can afford to retire.
“I’ve spent people from (San Francisco) to Oakland for the past ten years. And just for the past eight months, people from Oakland have been moving back to San Francisco. It’s a move,” Meyskens said.
Chen expects an even bigger shift to take place this summer, as people are vaccinated again and life becomes ‘normal’ again.
RELATED: According to Zumper data, San Francisco sees record decline in rental rates amid pandemic
“I definitely think there will be people moving back to the city, I don’t think it will be nearly as expensive and crazy as before the pandemic,” Chen said.
On the other hand are current landlords.
The fall in rental prices and with the still large number of vacancies is struggling a lot.
RELATED: How Does COVID-19 Affect Bay Area Housing? Expert weighs in
The Bay Area Homeowners Network, or BAHN, held a small car ride through San Francisco’s Chinatown to protest California’s eviction moratorium.
Jenny Zhao owns a few apartments in the South Bay. She, her husband, lost his job due to the pandemic. While tenants are in arrears with payments, she says her family is suffering.
“We have to pay mortgages, we have to maintain, do repairs to the buildings. How can we survive then?” says Zhao.
She says she understands the plight of many tenants due to the pandemic, but says there needs to be more fairness around legislation.
Despite the problems on both sides, Meyskens remains optimistic.
“I think (San Francisco) will do better after all this in the long run because it needed a recalibration. For everyone, I think in the long run it will be good,” he says.
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