Rent in the San Francisco Bay Area plummeted in May as the tech region braces for a potential mass exodus
provides more concrete evidence that Silicon Valley employees could indeed be packing up and leaving, potentially lowering the demand for housing in a region notorious for its expensive housing market.reported, Zumper found that rent costs for one-bedroom apartments dropped the most in the Bay Area cities with the highest-paying tech salaries. In Google's hometown of Mountain View, rent has fallen 15.
In San Francisco, a one-bedroom apartment now averages $3,360, according to Zumper. That's a 9.2% drop from this time last year and is the lowest rent has been since early 2017, according to the company. The statistics come as many tech firms have introduced remote work options for employees and as thousands have been laid off in the tech industry and in other sectors.
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