How San Francisco Renters are Adapting Their Home Buying Decisions

How San Francisco Renters are Adapting Their Home Buying Decisions

Contra Costa County Real Estate | East Bay Homes

How San Francisco Renters are Adapting Their Home Buying Decisions

The pandemic has complicated the process of finding a new home or apartment in San Francisco and has led to dramatic changes in the real estate market. The following article is a look at the ways San Francisco renters are adapting because of the pandemic.

Rental Prices

There’s been a recent drop in rental prices, so many new renters have been able to lock-in affordable rent with a new lease. While renters with stable employment have this option available to them, the pandemic has cost millions of people their income, or reduced their hours. Fortunately, there is a moratorium on evictions during the coronavirus pandemic, making it possible for struggling renters to keep their apartment.

Some San Francisco Renters are Staying Put

San Francisco renters who are following guidelines set by the CDC are finding the pandemic complicates the moving process. While some renters are looking to take advantage of lower mortgage rates, others are staying put. Many renters are delaying their move until the pandemic has subsided, which is likely to keep the number of new apartment rentals lower than usual, with fewer houses on the market too.

San Francisco Renters are Scaling Back

Unemployment and underemployment are at exceptionally high levels due to the crisis, which has made it difficult for many people to afford their current rent. Even though evictions are temporarily stalled, renters who decide to move during the pandemic often need to look for cheaper options than usual. As a result, San Francisco renters are facing more competition at lower price ranges.

On the upside, some San Francisco renters are able to afford mortgages for the first time due to lower interest rates and motivated sellers.

Our Current Listings

If you’re a San Francisco renter considering entering the housing market for the first time, the Laura Wucher Real Estate Team can help you find the home of your dreams.

We work with a wide range of clients, and follow all possible precautions to reduce your risk during the pandemic. Check out our active listings online, or contact us at (925) 595-8047.

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