San Francisco rent closes out the year down 27%

https://www.sfgate.com/realestate/article/SF-rent-closes-out-the-year-down-27-15845136.php

Median rents in San Francisco are at $1,992 for a one-bedroom apartment and $2,305 for a two-bedroom. “After an unprecedented year, rents in San Francisco are down nearly 27% since January, more than any other big city in the nation. The price drop is tied closely to a drop in demand, as the city’s vacancy rate more than doubled from March through August,” a spokesperson for ApartmentList told SFGATE. “But in the last quarter of 2020, vacancies flattened and rent declines slowed, possibly signaling that a rebound is on the horizon in 2021. The spring is typically when the rental market heats up, so if the economy improves over the next few months, it’s reasonable to expect that prices in SF will start to tick back up.”