What you may lease in Sonoma County for the typical San Francisco lease, $2,300?
According to a report by market analyst Apartment List, the COVID-19 pandemic will NOT leave America’s cities empty despite a feared urban exodus. A new study examining search behavior on the apartment list website found that from January 1 to March 15, 2021, searches were directed to densely populated cities that were not distant from them. The study suggests that “for every tenant who has left, many appear ready to take their place”.
The news could offer some comfort to home owners in San Francisco, who have seen rental rates drop by an unprecedented 27% since the pandemic lockdowns began in March 2020. The average cost of an apartment in Santa Rosa declined only 2.1% over the year over the same period.
The study, released on Tuesday, claims that many city dwellers moved to less populated areas like Sonoma County at the start of the pandemic. However, these vacancies were temporary as recent search results indicate increased interest in withdrawing.
According to Apartment List, most of the people looking to retire are from San Jose (17.7%), Los Angeles (7.1%), and Sacramento (5.8%). Only 2.3% of Santa Rosa renters are considering moving to “The City,” while 1.9% of San Francisco renters are considering moving to Santa Rosa.
The median rent in SF is currently $ 2,305 for a two bedroom apartment, which gives you a pretty fancy pad at the Redwood Empire. Curious what the average San Francisco will rent you in Sonoma County? Click through our gallery above.