Tech’s Embrace of Remote Work Sends San Francisco Rents Plunging
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America’s priciest apartment-rental market suddenly has more bargains.
Rents for a San Francisco one-bedroom apartment have dropped about 12% from this time last year, a record monthly decline for the city, according to a report from listing site Zumper. Silicon Valley hubs such as Mountain View and Palo Alto also saw rents plunge -- a sign residents of the tech-heavy region are taking advantage of remote work arrangements to flee to cheaper areas.