The San Francisco Bay area has become notorious for rising rent prices, but renters are starting to find some much needed relief. There are a number of factors that have led to the lowered rent prices including new construction and the normal seasonal decline in prices. The most interesting cause of the decline in rental prices for San Francisco Bay residents is what is being called the “Twitter effect”.
The San Francisco Bay area has become a hot bed for tech entrepreneurs and tech companies in the last few years, and social media giant twitter is one of the companies that has been a major player in the San Francisco Bay tech scene for the last few years. Recently word got out that Twitter was planning on subleasing some of their properties, and this caused a snowball effect. Other tech companies to put a hold on hiring and put a slowdown on the rising apartment prices.
While this is not good news for the apartment rental business, it may be good news for longtime San Francisco Bay area residents, who have been complaining about the skyrocketing price of rent. In demand areas like San Francisco, Portland, and Seattle often find that while tech companies bring more jobs to the area, long time residents do not usually see the positive effects of these changes.
Instead, these companies often bring their own employees who have much more money and bigger incomes than the average resident.
Now that the tech companies are starting to leave San Francisco Bay area, the residents are starting to find some relief when it comes to rent prices. Affordable housing is something that most people can get behind. Most people, especially people with lower incomes find that housing is usually their largest expense, and affordable housing is the first step in living more comfortably and affordably. Check out this Youtube video for more information.