SAN FRANCISCO—RentCafe released its 2020 year-end report with data on rent change and renter activity. It looked at 5.8 million actual renter applications nationwide (moving in, out and within a city) and concluded that overall renter activity dropped by 10% compared to 2019. Due to the two-month delay at the beginning of the year, 2020 was also a shorter rental season.
San Jose registered the most surprising boost in renter activity among all the Golden State cities analyzed at 6%. This comes in stark contrast with San Francisco, where the number of renter applications dropped by 7%.
"In May, San Francisco renter activity saw a 22% increase compared to the previous month, followed by a 49% surge in June. The number of rental applications stagnated in July, increased again in August by 18% and started slowing down in September," Irina Lupa, research analyst and a real estate writer for RentCafe, tells GlobeSt.com. "Looking at the share of Gen Z renter activity in San Francisco this year, the youngest generation of renters or 11% were almost on par with Gen X at 12%."
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Lisa Brown
Lisa Brown is an editor for the south and west regions of GlobeSt.com. She has 25-plus years of real estate experience, with a regional PR role at Grubb & Ellis and a national communications position at MMI. Brown also spent 10 years as executive director at NAIOP San Francisco Bay Area chapter, where she led the organization to achieving its first national award honors and recognition on Capitol Hill. She has written extensively on commercial real estate topics and edited numerous pieces on the subject.
