Despite offers of up to three months free rent, cash incentives to sign a new lease and advertised rents having already dropped over 20 percent on a year-over-year basis, the weighted average asking rent for an apartment in San Francisco continues to tumble and has just dropped to under $3,300 a month.
As such, the weighted average asking rent for an average apartment in the city, which measures 2.4 bedrooms when counting a studio as having one, is now 20 percent ($825 a month) cheaper than just eight months ago, down 23 percent on a year-over-year basis and down nearly 27 percent from a 2015-era peak, with the average asking rent for a one-bedroom in the city having just inched under $2,800 a month (which is down from around $3,700 at peak).
At the same time, listing activity for available units has jumped nearly 10 percent over the past couple of weeks and there’s another wave of vacancies poised to further roil the market as well.
Our latest trends analysis is based on pricing data from over 13,000 past and active listings, which is a subset of the data from over 100,000 listings going back to 2004 that we maintain, normalize, and index on a monthly basis.
We’ll keep you posted and plugged-in.