Who wants to live in a city full of feces? Though the media are continuing to blame the pandemic. San Francisco apartment rents plunge as much as 31%, the biggest drop in the US, while parts of Oklahoma, Arizona and Texas see soaring demand.
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- New data released on Tuesday shows apartment rental trends across the US
- San Francisco saw the biggest drop, with studio rents down 31% from last year
- Detroit, New York, and Seattle were also among the cities dropping fastest
- Meanwhile, parts of Florida, Oklahoma, Arizona and Texas saw rents rise
Of course it all has to do with the pandemic. The epidemic of homelessness, and the feces covering the streets are not an issue at all. At least not to the media.
Meanwhile, rents are rising nearly as quickly, on a percentage basis, in parts of Oklahoma, Florida, Texas and Arizona, indicating a migration trend toward areas with lower density and lower taxes.
Now they don’t say what the ramp up was, but generally speaking, a 31% crash in rents is probably going to cause some landlords to default on loans. Which won’t be great for Real Estate values.