Many people are starting to lean into the rental market as the Bay Area begins to come back from the coronavirus.
The market is at the lowest level the region has seen in years, but many wonder how long will this last? Some figures which have just been published give an indication of the future performance of the market.
San Francisco-based Zumper helps apartment seekers find their new home. The company said Bay Area rents stagnated after sharp drops of nearly 25% during the pandemic in San Francisco, which drastically reduced prices.
“As vaccine rollout increases, more people are getting vaccinated and we are reaching peak rental season this summer,” said Neil Gerstein, Growth Analyst at Zumper. “The rental market in the Bay Area, similar to other expensive areas, will heat up again.”
But many are wondering when can they expect prices to rise, which worries some, like San Francisco resident Sarah Ferrer.
Ferrer said it was shut out of the rental market before the pandemic and was only able to intervene thanks to steep price cuts.
Zumper said residents like Ferrer are likely to have some time as current price levels are likely to remain stable for some time.