Rents Have Stopped Dropping,

Zillow: 2BR 2BA units in San Mateo/Foster City are
renting for $2,600-$3,000,15-20% below 1 year ago.

Apartment rents have stopped dropping this month: [bold added]

San Francisco’s one-bedroom median rent was up 0.8% to $2,680 per month from the prior month, the first increase since April 2020, according to real estate listings company Zumper. San Jose was up 1.9% to $2,130 per month, and Oakland spiked 2.6% to $2,000 per month, both compared with the prior month.

San Francisco’s rents have still plunged 23.9% from the previous year, while Oakland fell 19% and San Jose was down 12.7%, according to Zumper. The widespread embrace of remote work, particularly in the tech industry, has upended a housing market that appeared unstoppable, fueled by nearly a decade of record job growth and business expansion.

The real estate market is facing large uncertainties, so it's way too early to tell if rents have stabilized. We are months away from widespread vaccinations and the lifting of the eviction moratorium, and the large employers have not publicly announced their plans for keeping jobs in the Bay Area.

If they can afford to do so, both landlords and tenants should avoid signing contracts for longer than a six-month term.