While it’s a nominal change, the average asking rent for an apartment in a building with over 50 units in both San Francisco and the East Bay slipped at the end of 2015 as a post-recession wave of new construction, the pipeline of which has hit a record high, has started to impact vacancy rates. And employment, at least in San Francisco, appears to have stalled.
The average asking rent for an apartment in San Francisco ended 2015 at $3,616 per month versus $3,623 in the third quarter of the year as the vacancy rate ticked up from 4.1 to 5.6 percent, according to data from Cushman & Wakefield.
The average asking rent for an East Bay apartment ended 2015 at $2,085 per month versus $2,105 in the third quarter and the vacancy rate ticked up from 3.0 to 3.4 percent. The average asking rent in Alameda County, which includes the red hot Oakland, slipped to $2,226 per month, down from $2,257 per month the quarter before.