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It's almost February!
Here's our @zumper monthly rent report
Let's start with a big surprise
SF rents were
0.8% month on month as some people returned to the city in Jan 
SF is still down 23.9% annually, so no change to the overall theme
Here's our @zumper monthly rent report
Let's start with a big surprise
SF rents were
0.8% month on month as some people returned to the city in Jan SF is still down 23.9% annually, so no change to the overall theme
The story in one picture:
The most expensive US cities' 1BR median rents held steady in their large declines
NYC actually fell further, coming close to the sizable SF % drop
23.9% in SF
21.7% in NYC
14.2% in LA
19.0% in Oakland
NYC actually fell further, coming close to the sizable SF % drop
23.9% in SF 21.7% in NYC 14.2% in LA 19.0% in Oakland
As we've seen before, the migration to cousin cities in the same state but with lower costs of living has continued, delivering *significant* rent price increases in those geos:
31.6% in Newark
7.7% in Sacramento
10.0% in Fresno
31.6% in Newark 7.7% in Sacramento 10.0% in Fresno
What's so cool about running a rental platform is watching these trends emerge in real-time
The rental market is incredibly dynamic; the for sale market is slower and has a larger lag time
The rental market is incredibly dynamic; the for sale market is slower and has a larger lag time
Based on what we see in our Zumper MAUs, we don't expect any of these trends to materially reverse until post vaccine, say late summer 2021
We will then see the Great Reshuffle
(credit: @Rich_Barton for coining)
We will then see the Great Reshuffle
(credit: @Rich_Barton for coining)
The Great Reshuffle will define the next decade of rental & demographic trends
If I had to guess:
- Major cities will recover
- But not to pre-pandemic levels
- So no more $3,700 SF 1BR rents
- Remote work continues for many
- And so secondary & tertiary cities thrive
If I had to guess:
- Major cities will recover
- But not to pre-pandemic levels
- So no more $3,700 SF 1BR rents
- Remote work continues for many
- And so secondary & tertiary cities thrive
I'm personally really excited for this new way of working
As the CEO of a tech company, it allows us to attract & hire incredible and diverse talent across the US
And there are several cities outside the Bay Area who are courting us & every other startup to do this
As the CEO of a tech company, it allows us to attract & hire incredible and diverse talent across the US
And there are several cities outside the Bay Area who are courting us & every other startup to do this
I feel this way about that https://twitter.com/anthemos/status/1349860914036576258
