According to a reader, there is “an unofficial Landlord’s (sic) Strike” going on in San Francisco. And until San Francisco’s Supervisors change the City’s rent control rules, the “striking” landlords are no longer going to rent their properties on a long-term basis.
So how’s that unofficial strike working out for the landlords and affecting current rents?
Well, according to a query of over 1,500 listings for apartments in San Francisco, including one-off rentals and units in larger developments, the weighted average asking rent for an apartment in San Francisco is down over 4 percent versus the same time last year and has dropped nearly 9 percent from a peak in 2015.
And if the current trend holds, an empty apartment in San Francisco is likely to rent for less next month than the month before.