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Thinking Of Negotiating Your Rent? 14% of NYC And Bay Area Professionals Are

If you had a choice to WFH as much as you would like, would you consider relocating? Last week, Blind ran a survey gauging whether tech and finance professionals, if given a choice to work from home permanently, would consider relocating out of San Francisco Bay Area, New York, and Seattle Area.  66% of professionals on Blind would consider relocating according to the results.

Additionally, Blind learned that 32% of working professionals would consider relocating with a pay cut. 

2,800 users across Silicon Valley, NYC, and Seattle show their willingness to reduce their salary.  Other Key Learnings include:

  • 38% of Facebook professionals would consider relocating with a pay cut. 
  • 20% of Bay Area professionals would you be willing to accept a 10-20% pay cut 
  • The Bay Area (35%), New York (30%), and Seattle (31%) showed similar proportions of intent to relocate with a pay cut.
  • New York (75%) has the highest proportion of those wanting to leave the Metropolitan Area.
  • Only (25%) of New Yorkers would not consider relocating out of the metropolitan area.

With talent bubbles getting a taste of brain drain, it’s finally a renter’s market.  According to the rental website Zumper, the average cost for a one-bedroom apartment in San Francisco has dropped 5.4% over the past month. After Facebook’s future remote work and pay cut announcement, Blind launched a new survey and learned that 11% of Bay Area professionals and 15% of NYC professionals are negotiating a lower rent. 

The notoriously expensive San Francisco residential rental market is showing signs of a cool down. More than 55% of 2,150 users across these two major cities anticipate the housing rent to decrease within the next year. A Blind user and Engineer at Twilo said “I’m bombarded with emails from Redfin about new listings and price decrease notifications. What’s going on?” 

Blind has a housing channel where professionals are having a deep conversation. “Redfin says home values have gone up YTD, Zillow says it has gone down, 10% deviation in estimates, who is right?“. 

Download full deck: here.