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City rents drop 27 per cent

Rents in San Francisco closed out 2020 with a 2.7 percent drop in December, bringing the 12-month decline to 27 percent, according to data from Apartment List. Median rents in the city were reported as $1,992 for a one-bedroom and $2,305 for a two-bedroom apartment.

San Francisco has the largest drop in rents in the Bay Area, but it is not alone. Apartment List reports that rents fell in all of the 10 largest cities in the metro area; for example, rents in Oakland declined 13.7 percent in 2020, and San Mateo’s dropped 15.6 percent over the same time period.

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