San Francisco rents are plummeting – but its housing crisis could get worse

The city remains the nation's priciest for renters, and the pandemic has dealt a new economic blow to residents

Apartment rental prices in San Francisco - a city mocked for being so unaffordable that residents pay more than a grand each month to sleep in a bunk bed and share space with strangers - have plummeted during the coronavirus crisis, falling roughly 24% over the last year, according to new data.

It might seem like good news for a city long known for its dizzying rents. But the drop wasn't enough to topple San Francisco from the top spot of the list of costliest cities compiled by the rental company Zumper. One-bedroom apartments on average still rent for a staggering $2,660 a month. Median single-family home prices in the city, meanwhile, have continued to rise, reaching an exorbitant $1.625m.