The Bay Area is still one of the most expensive places to live, but rents are falling fast.
It’s a sudden turn downward in the market because people are leaving due to the high costs and their employers letting them work from home.
“All things are pointing to us having to leave the Bay Area, said Matt Moore, who currently rents an apartment in Concord.
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Moore’s apartment is too small to be an office and said it is also getting too expensive.
“For what we pay for this tiny apartment, I can get a four or five bedroom house in Sacramento, with almost 2,000 square feet,” Moore said.
Rents in the Bay Area are falling fast with many people moving out of the region.
San Francisco rent tracker Zumper said the average rent in the city is down 5% from this time last year, with steeper drops along the Peninsula and a 15% drop in Cupertino.