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New York

Rents continue to drop in San Francisco and San Jose

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Have Northern California’s tech-town rents hit a tipping point? It appears that way. In May, rents in San Francisco decreased 3.3 percent compared to May 2016 and the average rent sits at $3,369, according to RentCafé’s recent Apartment Market Report. All over the Bay rents were down. Prime Silicon Valley real estate in Sunnyvale, Santa Clara and San Mateo all registered rental declines. An increased supply along with wary renters preferring to look in the outlying towns such as Stockton, Sacramento and Modesto, which all showed rental increases, are thought to be factors. [Bisnow]