As we outlined last month, while the weighted average asking rent for an apartment in San Francisco was holding at around $3,100 a month, listing activity was actually inching up. And as we wrote at the time: “In other words, the current plateau in asking prices might represent more of a psychological barrier or hope than a true market floor and/or clearing price.”
Since then, listing activity, which is currently running around 160 percent higher than at the same time last year, has continued to inch up and the average asking rent for an apartment in San Francisco has slipped back under $3,100 a month, with the average asking rent for a one-bedroom approaching $2,600 a month for the first time since 2012 and the average asking rent for a studio, which is now down nearly 35 percent from a 2015-era peak, having slipped under $1,900 a month for the first time since 2010.
Our latest trends analysis is based on pricing data from over 11,000 past and active listings, which is a subset of the data from over 100,000 listings going back to 2004 that we maintain, normalize, and index on a monthly basis. We’ll keep you posted and plugged-in.