In the backdrop of the tragic George Floyd news, there's a big demographic trend happening in San Francisco
All this talk of people leaving SF for a future of remote work is now backed up by hard data
SF 1BR rents were
9.2% YoY in May via @Zumper
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Even more staggering are drops in the South Bay near Google & FB campuses, who have been increasingly telling employees that remote work is part of the future 1BR rents there were down:
15.9% in Mountain View
14.1% in Menlo Park
14.3% in Cupertino
10.8% in Palo Alto6 replies 107 retweets 424 likesShow this thread -
These price drops are unprecedented in the 7+ years we've published
@Zumper monthly rent datapic.twitter.com/OIzU0luvKp
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Whereas in other geos we can correlate the impact of mass unemployment with falling rent prices, the size of these drops in the Bay Area are indicative of a flight to other markets with lower costs of living, in addition to job losses
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The magnitude of these rent drops may also be higher than our published data since some landlords conceal price drops in "lease specials" like 6 weeks of free rent to move in
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Turns out a lot of the online hype about Silicon Valley's move to remote is is now borne out by the data When you read about the SF budget shortfalls, this has the potential to make them very real cc
@LondonBreed@kimmaicutler@scottbudman@CurbedSF6 replies 11 retweets 110 likesShow this thread -
Replying to @anthemos @LondonBreed and
I wouldn’t be so fast. I definitely see a lot of movement right now because it doesn’t make sense to be in a closed down city through the summer. But once things open up or the pandemic passes in 1-3 years, there will be a lot of good deals/prices, possible energy to come back.
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Replying to @kimmaicutler @LondonBreed and
Yep fair. I'll say from personal experience, the emigration is real. Multiple friends who are SIP out of state have let their SF lease expire & and have come back to pack up. Admittedly anecdotal, but a non insignificant % will leave for good. First time this narrative is real
2 replies 0 retweets 7 likes
Totally. But 30 years olds get replaced by 20 years olds.
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Replying to @kimmaicutler @anthemos and
Yup, although the 20 year olds paying capacity will be much lower than the departed 30 year olds...
0 replies 0 retweets 1 likeThanks. Twitter will use this to make your timeline better. UndoUndo
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