Name: New numbers show more San Franciscans are leaving the city as a renter's market emerges
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New numbers show more San Franciscans are leaving the city as a renter's market emerges

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More San Francisco tenants are choosing not to renew their leases and get out of town.The vacancy rate in the city jumped to 6.2% in May, up from 3.9% only three months ago,After years of a booming real estate and a landlord's market, carried by the thriving tech industry, the effects of the coronavirus pandemic and the subsequent financial crisis are taking their toll and causing a reversal. It's creating something the city hasn't seen for a long time — a renter's market.For many, the increase in empty apartments and drop in rental rates — the median rent in May for a one-bedroom apartment compared with a year ago — are welcome and overdue. Renting an apartment in San Francisco over the last decade has been an expensive and almost impossible endeavor for those without the means or high paying tech industry jobs.In recent years San Francisco has had the most expensive rental rates in the country, asking more per square foot than , but the city has also maintained a more troubling statistic —&nbsp; the (0.8%) of all large US cities. Many believe this widening disparity in wealth and quality of life in the city was unsustainable and change was overdue.Some tech companies, including Yelp and Lyft, have all announced lay-offs in the city over the last few months as others make plans to let employees work from home, permanently. Recent signals from tech giants that the future of work may be remote has also led to many San Francisco residents and tech employees seeing an opportunity to move from the city. A recent poll showed that would consider leaving if they were able to work from home.The change has also seen a surge in high-end real estate interest in the wealthy suburbs outside of the city, with a Marin real estate agent reporting aLast week the city decided to . If those renters, now protected from eviction, were not able to stay in their homes the rising vacancy rate in San Francisco may be even higher.Andrew Chamings is an editor at SFGATE. Email: Andrew.Chamings@sfgate.com | Twitter: @AndrewChamings

More San Francisco tenants are choosing not to renew their leases and get out of town.The vacancy rate in the city jumped to 6.2% in May, up from 3.9% only three months ago,After years of a booming real estate and a landlord's market, carried by the thriving tech industry, the effects of the coronavirus pandemic and the subsequent financial crisis are taking their toll and causing a reversal. It's creating something the city hasn't seen for a long time — a renter's market.For many, the increase in empty apartments and drop in rental rates — the median rent in May for a one-bedroom apartment...

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New numbers show more San Franciscans are leaving the city as a renter's market emerges

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