Despite reported rents going down anywhere from 15% for 2-bedrooms to 30% for studios in San Francisco, San Francisco real estate prices keep going up in 2020. The question is, how come?
As a resident of San Francisco since 2001, a homeowner since 2003, a landlord since 2005, and a personal finance blogger since 2009, I’ll share with you my perspective on why San Francisco real estate prices keep going up during the pandemic.
Big media like Bloomberg, SF Chronicle, and more love to focus on the negatives. Perpetually negative local blogs like SocketSite and Wolf Street, who missed the big run up since 2011-2012 also like to focus on the negatives because they’re hoping they’ll finally be right. However, I’m here to tell you a more balanced point of view.
Yes, I’m long San Francisco real estate. But I also sold a single family home in The Marina district for $2.74 million back in 2017. Therefore, I feel I have a balanced perspective on the market. I’m also a landlord who recently spent a month interviewing a dozen prospective tenants.
San Francisco real estate prices keep going up, as you can see in the chart below. Let’s explore why.