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San Francisco Renters Break Leases, Flee City

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OUTDOOR RESTAURANT DINING, LIMITED RELIGIOUS SERVICES, INDOOR AND OUTDOOR RETAIL INCLUDING MALLS, AND OUTDOOR FITNESS CLASSES> THE PANDEMIC LIGHTLY PLAYED A ROLE IN A SIZABLE RETREAT AND SAN FRANCISCO'S RENTAL MARKET

ABOUT ONE IN 13 TENANTS HASN'T BROKEN A LEASE IN THE PAST THREE MONTHS KPIX 5 REPORTER K JOY JOINS US LIVE WITH TIPS FOR RENTERS LOOKING TO RENEGOTIATE KENNY, WHAT CAN YOU TELL US? Reporter: SAN FRANCISCO IS STILL THE MOST EXPENSIVE CITY IN THE COUNTRY TO RENT AN APARTMENT WE ARE IN THE PACIFIC HEIGHTS NEIGHBORHOOD IN THE CITY BUT NEW NUMBERS SHOW THERE HAS BEEN AN EXODUS OF RESIDENTS WHO NOW HAVE BETTER OPTIONS

PAY THE EXPENSIVE RENT OR MOVE OUT PEOPLE ARE LEAVING, JUST DITCHING THEIR APARTMENTS AND LEAVING THEIR ROOMMATES HANGING OR THEY ARE TRYING BEST TO FIND SOMEONE TO FILL THEIR ROOMS OR THEY ARE JUST LEAVING SAN FRANCISCO ALTOGETHER AND MOVING BACK HOME MY COMPANY NATOLI DECIDED TO MOVE BACK TO NEW JERSEY AFTER PAYING MORE THAN $4000 A MONTH FOR HIS APARTMENT IN CALIFORNIA WORKING IN TECH SALES [ BOOING ] ALL THE NORMAL THINGS AS WE ARE SEEING DRIVING THE BAY AREA IN SAN FRANCISCO PRETTY MUCH DRIED UP IN JUNE RENT PRICES DROPPING MORE THAN 9 % IN SAN FRANCISCO

MOUNTAIN VIEW MORE THAN 15 % WE ARE GETTING A LOT OF PEOPLE MOVING TO CENTRAL CALIFORNIA AND THE VALLEY, YOU KNOW, AROUND THE SACRAMENTO AREA, TAHOE, SONOMA COUNTY A LOT OF DIFFERENT PLACES IT HAS BEEN A TREND THAT'S GOING ON LANDLORDS ONE A COMMITMENT THAT THEY WILL NOT HAVE A VACANCY THIS TIME WHEN WE ARE LOOKING AT SUCH INCREDIBLE SUPPLY

LOTS OF UNITS OPENING UP AND NO DEMAND TO FILL IT Reporter: A SET SURVEY FROM THE SAN FRANCISCO APARTMENT SURVEY SAID SEVERAL SIMPLY BROKE THEIR LEASES OVER THE LAST FEW MONTHS BUT THERE'S A WAY TO GET MONEY IF YOU APPROACH IT CORRECTLY YOU WILL GET FURTHER BY RECOGNIZING THAT LANDLORDS WANT THE BASE RENT TO BE KEPT BASICALLY WHERE IT'S AT SOME 27 MILLION ADULTS IN THE COUNTRY MOVED IN WITH THEIR PARENTS IN MARCH AND APRIL

A TREND THAT COULD LEAD TO MORE THAN 700 MILLION IN LOST RENT FOR LANDLORDS THIS YEAR ASKED FOR THREE MONTHS RENT, ASBURY ONE YEAR RENT LEASE AND THE RENT GOES DOWN ESSENTIALLY ONE IMPORTANT THING TO KNOW IS THAT THESE LEASES ARE LEGALLY BINDING CONTRACTS IF IT IS BROKEN, THE LANDLORDS CAN GO AFTER THE TENANTS FINANCIALLY AS FOR THE MOST AFFORDABLE PLACES TO LIVE IN THE BAY AREA ACCORDING TO ZILLOW, THOSE CITIES IN THE BAY AREA ARE NOW ALEJO AND CONCORDE WITH RENTS GOING FROM ABOUT 1450 TO 1750 FOR A ONE BEDROOM APARTMENT

IT WE ARE LIVE IN SAN FRANCISCO, KENNY CHOI KPIX 5 FIVE KENNY, WHAT IS THE BEST ADVICE ON WHAT NOT TO DO THEN IF YOU DO WANT TO RENEGOTIATE A LEASE? WE TALKED TO PROPERTY MANAGERS TODAY AND THEY SAID THAT THEY HEARD FROM SOME TENANTS ASKING FOR A RENT DECREASE OF 20 %-30 % THAT IS A NONSTARTER BECAUSE THE RENTS HAVE NOT DECREASED BY THAT AMOUNT THEY SAID ASK FOR SOMETHING REASONABLE A COUPLE MONTHS OF RENT FOR FREE IN EXCHANGE FOR A COMMITMENT OF AN EXTRA YEAR-

Source: Youtube

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