We’ve been tracking the current occupancy and availability of 3,600 distinct apartments, spread across ten buildings in Hayes Valley, Dogpatch, Potrero Hill, Mid-Market, SoMa and the Transbay District, over the past four months.
Having peaked at around 11 percent near the end of last year, which was nearly twice the citywide vacancy rate for larger, multi-unit apartment buildings in San Francisco just six months prior, the average vacancy rate for those 3,600 units dropped to a littler under 8 percent last month, driven by aggressive discounting and incentives to sign a new lease by the end of the year.
And the average vacancy rate for our distinct bucket of units has since inched down to around 7.5 percent.
That being said, the vacancy rate for one of the larger buildings we’re tracking, which was fully occupied prior to the pandemic, is still over 10 percent. At least 2 percent of the units we’re tracking, which are currently occupied, are slated to be vacant by the end of the month. And while the average vacancy rate for larger buildings has inched down, listing activity has inched up across the city overall, with the average asking rent for an apartment in San Francisco having slipped back under $3,100 a month and the average asking rent for a studio, which is down nearly 35 percent from a 2015-era peak, having slipped under $1,900 a month for the first time since 2010.
We’ll keep you posted and plugged-in.