As we highlighted last month, offers of complimentary rent have been on the rise in San Francisco. And with the weakness in San Francisco’s rental market accelerating, and Oakland now following suit, a big landlord is upping their rent concession ante while trying to maintain their advertised/base rents.
And in addition to offering up to 8 weeks or 2 months of complimentary rent, Related is now offering $2,000 gift cards to signees of new leases in at least two of their buildings in San Francisco, including at the new “Mason on Mariposa” development at 1601 Mariposa Street in lower Potrero Hill.
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I looked at units for Mason on Mariposa online and their smallest “one bedroom” is actually a studio and nearly windowless. It rents for $3675. A gift card isn’t quite enough for me to consider that.
I was looking at this too. You can get a decent studio with a window for $3140. With the 2k card and 8 weeks free rent, I suspect that is about $2950 a month. Link provided.
Actually, my math is incorrect. Its $2450 /month for the 1st year.
In related news: Price of Renting a Room Down 16 Percent from Peak in S.F.
The [Avalon] Eaves-Diamond Heights is advertising a $900/month price cut on 1 bed rental.
UPDATE: Rental Concession Ante Raised Again in San Francisco