Article by the Mercury News, written by Louis Hansen.
Rental prices went down quite a bit in the past two years. What is the status right now? Louis Hansen from the SJ Merc gives his perspective:
The steep discounts in Bay Area rents triggered by the COVID-19 pandemic may be dwindling with the health crisis.
As California made reopening plans over the last three months, average prices for one-bedroom apartments climbed throughout the region, up 2.9% in San Jose, 3.6% in Oakland and 5.3% in San Francisco, according to listing site Zumper.
But rents are still below pre-pandemic levels, suggesting a slow return of renters back to cities and offices. Record high home prices may also have kept more families in apartments — or out of town — rather than buying single-family homes.
The creep up in rent signals a turn toward pre-pandemic conditions, but the Bay Area has been slower to rebound than other major cities, including New York, Boston and Washington, D.C.
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