Report: COVID eased rents for Bay Area residents across the board

The San Jose-Sunnyvale-Santa Clara metro area experienced substantial rent declines in all categories during the pandemic (March 2020 to June 2021), according to real estate services firm RealPage, Inc., and reported by the SJ Merc. Class A (luxury) units median costs dropped 12%, Class B dropped 12.2% and Class C dropped 10%.

Class A properties typically are new or extensively renovated, offering amenities such as large common areas, gyms, pools, and modern security. Luxury prices in Bay Area metros range from $3500 in San Francisco to $3140 in San Jose. Class B and C properties are usually older and offer fewer amenities, with Bay Area prices ranging from $1950 to $2235 a month in the lowest category. 

{Editors’ note: The study reports that the SF-Redwood City-South SF metro area experienced rent decreases of 13.9%, 14.2%, and 12.8% across Class A-C categories, respectively, during the same period.

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