Commentary Rents in urban centers are increasing as rents in the suburbs fall, indicating tenants could be moving back to large cities. Rents for a one-bedroom apartment in San Francisco were up 5.3 percent from May to June. According to Zumper’s National Rent Report, “people are returning to the city in preparation for office reopenings. This is pushing rent higher, and the rate of [rent increases] accelerated once again in June.” The report continues, “On a quarterly basis, it’s clear that the Bay Area has turned the corner. After four quarters of sharp drops in rent, each of its three major cities [SF, San Jose and Oakland] saw rents rise in Q2 of 2021 compared to Q1, including a 5.3 percent increase for San Francisco. With life in the Bay Area getting back to ‘normal,’ there is no reason to think this won’t continue in the near-term.” At the same …
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