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San Francisco Rents Barely Changed During Covid Housing Boom

  • NYC also saw modest rent growth, at about 4%: Zillow data
  • Renters in major cities still pay well above national average
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San Francisco and San Jose’s rents are little changed compared with two years ago, a sharp contrast with red-hot markets such as Miami where housing costs surged during the pandemic.

The California technology hubs top U.S. metro areas with the smallest rent growth since February 2020, according to a Bloomberg analysis of data from Zillow Group Inc. In New York City and Washington, D.C., rental asking prices increased roughly 4% on an annual basis, less than half the national average of 8.5%.