As we outlined two months ago, back in early July:
Despite the fact that the weighted average asking rent for an apartment in San Francisco is already down over 10 percent on a year-over-year basis and offers of complimentary rent are on the rise, vacancy rates are still ticking up and the number of apartments listed for rent in the city, including one-off rentals as well as units in larger developments, continues to rise.
As is the case with for sale inventory in the city, there are now over twice as many apartments listed for rent in San Francisco than there were at the same time last year.
And in fact, having ticked up another 10 percent over the past couple of weeks alone, listing activity for rentals in San Francisco has jumped over 50 percent since the end of February, all of which points to more downward pressure on both asking and effective rents.
Asking rents in San Francisco have since dropped another 7 percent and are now down over 20 percent from peak. And with listing activity having jumped another 70 percent over the past two months alone, there are now nearly three times as many apartments listed for rent in San Francisco than there were at the same time last year (and climbing).
We’ll keep you posted and plugged-in.