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8.A. - Page 34 of 104 <br />Although Redwood City rental prices have been among the highest in the region (see "Average Rent by <br />Bedroom Size), housing rental prices in Redwood City have decreased by approximately 25% over the <br />past year. The median rent for a 2 -bedroom unit was $4,206 in April and is now $3,293; a reduction of <br />$913 over six months and a change of $1,088 from October 2019. <br />Redwood City Median Rent <br />2 -Bedroom Apartment <br />55,000 <br />54,500 <br />54,000 <br />53,500 <br />53,000 <br />$2,500 <br />52,000 <br />51,500 <br />51,000 <br />Apr -20 May -20 !un -2 _ Au; -20 Oct -20 <br />San Francisco has seen a significant exodus of renters and home owners since the pandemic drove <br />remote workers and furloughed employees out of the city. San Francisco rents have declined by 17.8% <br />since March —the fastest among the nation's 100 largest cities. Redwood City staff will continue to <br />monitor the real estate market of the Peninsula to confirm the exodus from San Francisco remains <br />unique to that city. <br />San Francisco Rent Growth Over Past 12 Months <br />-1,4% <br />-4.6% <br />-20.4% <br />Q <br />V10 a Inti <br />• San Francesco • Csliiornia • U5A <br />Apartment 06 List <br />BUDGET MESSAGE 43 <br />