San Francisco rents plunge as tech employees abandon high-priced city to work remotely

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Coronavirus-related work-from-home policies at the country’s biggest technology companies appear to have caused an exodus from Silicon Valley, which has sent rent prices in San Francisco plummeting.

Rents for a one-bedroom apartment in the major metro area were down 9.2 percent in June when compared with the same period last year, according to data from rental site Zumper. That is the largest decline since at least 2015 and brings the price point ($3,360) down to where it was three years ago.

In the U.S. overall, one-bedroom rents fell by just 0.2 percent. No other major metro city’s data came close to the decrease in San Francisco.

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