(10-14-2020, 10:09 AM)Mick Wrote: Confirmed. My son rents in the East Cut, about 2 blocks from the Salesforce tower. He renewed his lease at a 25% discount. The rent on my former Arlington, VA apartments have dropped 25% and they're having a hard time filling them up.
Quote:High-tech hubs and pricey markets in the bay area — San Francisco, San Mateo, and Santa Clara counties — are seeing the largest declines in rents across the board, along with Manhattan, Boston, Seattle, and Washington, D.C.
....
San Francisco topped the list of rent declines in all three unit types, with Studio rents declining by 31 percent, One-bedrooms by 24.2 percent, and Two-bedrooms by 21.3 percent
https://www.realtor.com/research/september-2020-rent/
maybe these changes seen by Airbnb are putting pressure on SF rentals
Quote:Urban residents were searching for vacation rentals in neighboring towns and cities, so they didn’t have to fly. People wanted to book entire homes, meaning Airbnb could gain from travelers shunning hotels and their shared spaces.
Mr. Chesky quickly switched Airbnb’s strategy. Big cities visited by tourists had been Airbnb’s strength, but it would now focus on local stays. By June, the company had redesigned its website and app so its algorithm would show prospective travelers everything from cabins to lavish beach houses near where they lived.
On July 8, guests booked stays at the rate they were just before the pandemic brought travel and tourism to a halt. In August, more than half of bookings made were for stays within 300 miles of the guest’s location, according to the company.
https://www.wsj.com/articles/how-airbnb-...2c9Qi0ZdKQ
Eric
"the older we get the better we were"