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This material may not be published, broadcast, rewritten, or redistributed. ©长城彩票官网 FOX News Network, LLC. All rights reserved. . That is the largest decline since at least 2015 and brings the price point ($3,360) down to where it was three years ago.

In the U.S. overall, one-bedroom rents fell by just 0.2 percent. No other major metro city’s data came close to the decrease in San Francisco.

, the CEO of Zumper, called the San Francisco price decline “unprecedented” in a Twitter post, saying it supports the theory that people are starting to leave the city as options for remote work in the technology sector become more widely available.

While other large metropolitan areas can attribute real estate challenges to mass layoffs that have resulted from the pandemic, the sheer size of the rent drop in Silicon Valley indicates there is something else going on.

“Turns out a lot of the online hype about Silicon Valley's move to remote is … now borne out by the data,” Georgiades wrote in a Twitter post.

In Mountain View, California, where Google’s headquarters are located, rents fell nearly 16 percent. Prices dropped 14.1 percent in