San Francisco rent prices down 31% as former residents abandon city for more space, cheaper housing amid COVID-19 pandemic

SAN FRANCISCO (KGO) — A new report on housing prices in the Bay Area released Tuesday reveals an obvious trend: people are fleeing high-priced San Francisco for less expensive locations.

According to Realtor.com, the average price for a studio apartment in San Francisco has gone down 31% compared to last September.

That number represents the largest rent price drop for any county in the country, according to Realtor.com.

The monthly price for a one-bedroom in San Francisco has also gone down.

RELATED: San Francisco sees record-breaking drop in rent prices amid pandemic, according to Zumper data

The average price is now $2,873, down 24.2% compared to last September.

Housing prices in San Mateo and Santa Clara counties, the heart of Silicon Valley, also took a dip in value.

The average price of a one-bedroom went down 12.5% and 12% respectively year over year.

Lisa Choi has been a resident of

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Toronto condo rent prices reach lowest point in nearly three years

Renting a condo in the City of Toronto is cheaper right now than it has been since early 2018, according to Urbanation, thanks in large part to skyrocketing vacancy rates brought about by the COVID-19 pandemic.

Newly-published data from the market analysis firm, which has been keeping tabs on GTA condo and rental apartment prices since 1981, show steep declines of more than nine per cent, year-over-year, in both categories.

The market rent price for a condo in Toronto, specifically, dropped by 9.4 per cent between the third quarters of 2019 and 2020, reaching an average of $2,249 per month across July, August and September.

This marks the lowest rent level seen in the city since the first quarter of 2018, more than two-and-a-half years ago.

“Within the former City of Toronto, the steepest year-over-year declines in average per square foot rents were found in the East Bloor/The Village submarket

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John Lewis To Build And Rent Homes, And Retail To Be 70% Online By 2025

The John Lewis Partnership has today announced its plans to reach more customers in a variety of different initiatives. The ‘Partnership Plan’ demonstrates a commitment to change in plans to boost profit to £400m by 2025.

The U.K’s largest employee-owned business – the John Lewis Partnership highlights the trust and love customers feel towards the Waitrose and John Lewis brands. It is indeed that trust that has helped to build the John Lewis credit card and financial services – a business the Partnership wants to quadruple over the next 5 years. This will be

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Can a landlord demand rent if tenant can’t stay in apartment after a natural disaster?

Q: My sister leases an apartment in an area hit by a natural disaster and was forced to evacuate. Now she cannot return to her apartment due to damaged roads and is temporarily renting elsewhere. Her landlord is unwilling to work with her and is demanding rent even though it is impossible to use the apartment. What can she do? — Colleen

A: The law in most states provides that, at a minimum, when a property is damaged or destroyed by a disaster, the tenant can terminate the lease and find a new place to live.

If the home is only partially damaged, but the rest is still habitable, the rent will be reduced.

A lease can give tenants more rights than the statutory minimum, so every tenant should carefully review its terms. In your sister’s situation, the apartment is not damaged, just her ability to get back to it

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Oklahoma City rent increased by 32.5% since 2010, HUD reports

Along with housing prices, rental prices have risen dramatically in the last decade. 

According to data from the Department of Housing and Urban Development (HUD), the average rental price for an apartment is about $1,400 per month in 2020, an increase of 32 percent in nominal dollars from 2010.

Some cities have experienced much larger increases in rent, but income has not kept pace. 

Economic data from the Bureau of Labor Statistics, which compares the relative change in prices paid by consumers for goods, services, and housing, shows that rent and housing prices are increasing at a faster rate than other items. 

Home sale prices have more than rebounded from the crash in 2008, while rent prices have risen steadily, showing only a slight dip during the last recession. When compared to other goods and services—including food, clothing, and transportation—both rented and owned housing are becoming relatively more expensive.

While

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Ways to Rent an Apartment With Bad Credit

Bad credit can manifest in many ways. People who have less than perfect credit end up with the problem of not being able to be approved for loans and even if they do, these are called “second chance loans” and they are noted for their extremely high interest rates and very oppressive terms. But nowhere does bad credit hurt more than its ability to cause one to be denied an apartment. This has been the predicament of many families who have ended up on the brink of being homeless.

With the foreclosure rate of homes skyrocketing daily, the demand for apartments has soared. To curb the influx, many apartments are now conducting routing credit checks. Many people are under the impression that all apartments do is check rental history. This is somewhat true but there is more. Apartments conduct checks on your employment history, your rental history and even your … Read More

Eight Tips to Consider When Looking at Apartments for Rent

Finding apartments for rent can be a stressful task. However, there are several tips that can alleviate the annoyances and make the search for a new place fun.

Be Specific

When apartment hunting, make sure to determine which features are a must-have and where it’s okay to compromise. If there’s a perfect two bedroom in a great location, but it lacks the perfect yard, it may be time to adjust priorities. Decide what is necessary and stick to it, but try to remain realistic.

Find Out the Included Utilities

This is another major must-do when looking for a new place. Many rentals include some utilities, but there are hidden costs to look out for such as trash or water costs. If not included, these costs can add up quickly. As well, there may be additional charges for parking or a security system.

Ask Around

This may seem obvious, but asking … Read More

How to Rent an Apartment

The following information must be provided when applying for an apartment: it is important to have this information handy when you first begin searching for an apartment, since many apartments these days are rented out quickly due to low volume and high demand.

Once you do find an apartment that you like, it is important to apply soon, preferably the same day, since most landlords rent out apartments primarily on a first come first serve basis; in today's real estate market, with the low volume of apartments and increasing demand, this translates into more applicants than usual for each available apartment. Hence, applying for an apartment even one or two days after viewing it can often be a significant delay, with the order of receiving the application (as well as filling it out correctly and meeting all of the criteria) being the only basis for being accepted as a tenant. … Read More

Finding Places to Rent an Apartment in Chicago With Bad Credit, a Broken Lease Or a Criminal Felony

Chicago is the third largest metropolitan in the United States and as such attracts thousands of people each day. The city is also a formidable financial center making it a magnet for people seeking economic and career opportunities. Chicago has many different apartments which are excellent for any purpose and for any family size. If you are shopping for an apartment rental in Chicago, it is best to be armed with the necessary information required. One of these is to know your credit score because Chicago apartments will conduct credit and rental history checks not to mention criminal background checks as well. So where can one rent an apartment in Chicago if they have a prior broken lease, less-than-adequate credit or a criminal record?

There are many different localities within Chi-town where this is possible. The following areas have different apartment leasing homes that cater to applicants with an unflattering … Read More

Places in Phoenix to Rent an Apartment With a Broken Lease, Bad Credit Or Felony

Phoenix Arizona is one of the cities that has some of the richest history in the United States. It was home to some of the earliest settling communities and also was home to one of the oldest Indian tribes in the entire North America. Today, the city is a sprawling metropolis that boasts the 6th largest US city population. It is headquarters to numerous important firms and is also an academic and cultural center. Phoenix is therefore a great place to live not to mention the hospitable climate. There are numerous apartments here that offer great amenities that are geared towards any housing needs. Many of these apartments also require good credit, a reasonable rental history and also agreeable criminal history.

As we have mentioned, many apartments in the Phoenix area will require an applicant to have acceptable credit, rental record and also demonstrate the absence of recent felonies. Some … Read More