The weighted average asking rent for an apartment in San Francisco has now dropped to $3,825 a month. While that’s not exactly cheap, it’s nearly 7 percent ($275) cheaper than four months ago, 10 percent ($450) cheaper than at the same time last year and 14 percent ($625) cheaper than a 2015-era peak of around $4,450 per month. And the average asking rent for a one-bedroom in the city is back under $3,300 a month.
At the same time, offers of complimentary rent are on the rise, driving effective rents down even more.
And having jumped in April and then ticked up in May, the number of apartments listed for rent in San Francisco jumped again this month and there are now nearly twice as many apartments being advertised for rent in the city than at the same time last year.