Having slipped to just under $3,600 a month two weeks ago, the weighted average asking rent for an apartment in San Francisco has since ticked down another percent to $3,550, continuing a sharp downward trend which shouldn’t have caught any plugged-in readers by surprise.
As such, the average asking rent for an apartment in the city, which measures 2.4 bedrooms when counting a studio as having one, is now down over 20 percent ($900) from a 2015-era peak of around $4,450 per month, 18 percent ($800) cheaper than at the same time last year and 13 percent ($550) cheaper than just six months ago, with the average asking rent for a one-bedroom in the city having just dropped to around $3,000 a month (which is down from $3,700 at peak).
At the same time, offers of complimentary rent and cash concessions still haven’t waned, driving effective rents down even more.
And having spiked last month, as we first reported at the time, the number of apartments being advertised for rent in San Francisco, including both one-off rentals as well as units in larger developments, is now over 150 percent higher than at the same time last year, exerting even more downward pressure on rents and the income streams they provide.
We’ll keep you posted and plugged-in.