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San Francisco MF Rents Reverse Course, Record Regression Reported

New research shows the multifamily sector in key U.S. markets is starting to reflect the challenges of a COVID-19 induced economic slowdown. Zumper’s National Rent Report for June 2020 showed all of the top 10 priciest cities either had flat or declining rents.

In fact, Zumper reports San Francisco rents are down more than 9% year-over-year, which is the largest decline ever and the lowest price point it’s been in more than three years. Additionally, RealPage reports San Francisco apartment vacancies rose to 6.2% in May, an increase from 3.9% only three months ago. The decline followed stay-home orders as renters decided not to renew leases.

Zumper researchers wrote, “The most expensive city in the nation experienced the largest year-over-year drop since we started creating these reports in 2015. San Francisco one-bedroom rent is down 9.2% since this time last year to $3,360, which is also the lowest price point it’s been since March 2017.”

The next most expensive markets, New York City, Boston, and San Jose, all experienced negative year-over-year changes for their respective one-bedroom rents as well.

Read more at Zumper National Rent Report: June 2020

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About Dennis Kaiser

Dennis Kaiser is Vice President of Content and Public Relations for Connect Commercial Real Estate. Dennis is a communications leader with more than 30 years of experience including as a journalist and in corporate and agency integrated marketing communications roles. He is responsible for Connect’s client content operations and public relations strategy. He is involved in a range of initiatives ranging from content strategy, message development, copywriting, Social Media and content marketing services. Dennis’s communications background in the real estate industry includes working with many of the top real estate firms – from brokerage companies, developers, homebuilders, investors, owners, lawyers, asset advisors, lenders, architects and property management firms. • Marketed more than 1 Billion Square Feet of Office Space • 70,000 Multifamily/Condo Units • 15,000 Single Family Homes • 30 Million Square Feet of Retail Space • Representing Roughly $100 Billion in Investment In his most recent corporate communications roles, he led a regional public relations effort across Southern California for CBRE, played a key marketing role on JLL’s national retail team, and was responsible for directing the global public relations effort at ValleyCrest, the nation’s largest commercial landscape services company. Dennis’s agency background on integrated communications teams at many reputable agencies and has earned an outstanding reputation with organization leaders as a trusted advisor, strategic program implementer, consensus builder and exceptional collaborator. He formerly was President of the Public Relations Society of America’s Los Angeles of public relations professional, and served on the Board of Directors. He also taught a public relations extension course at Loyola Marymount University. Dennis’s has developed and managed national communications programs for Fortune 500 companies to start-ups, both public and private. He’s successfully worked with journalists across the globe representing clients involved in major-breaking news stories, product launches, media tours, and company news announcements.

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