Rent dropped I'd say 20%, maybe 25% in San Francisco

[Diane G.]

So I had a studio that happened to come on the market 3 days before the corona lockdown...Just finally rented it out after 45 days on the market....at $200 below asking....Was asking $3000...

What is even more weird is that, all of sudden and out of nowhere, there are SO many listings, and some asking prices are scarily low...

Is that what you are seeing too?  

[Hai G.]

@Diane G.

The increase in inventory could be conversion of Airbnb units to long term rentals. Anecdotally I’ve heard many Airbnb operators who aren’t able to get bookings do that to get some income in. When bills need to be paid many may be okay pricing low to fill the units.

No data yet on trend as far as I know but will be keeping an eye out. Supply flooding in the market will for sure drop rent, though will wait and see what the effect is once shelter in place is eased.