Despite some misreports in the media, apartment rents in San Francisco haven’t started to rebound, as we outlined last month. And in fact, the weighted average asking rent for an apartment in the city has now inched down to $3,050 month, which is down 24 percent on a year-over-year basis, down over 25 percent since the pandemic hit, and nearly 32 percent below a 2015-era peak, with the average asking rent for a studio in the city holding at under $1,900 a month and down nearly 35 percent from peak.
That being said, the net number of units listed for rent in San Francisco, including units in larger buildings as well as one-off rentals, has dropped nearly 10 percent over the past month. But even with the net absorption of vacant units, listed inventory levels are still 95 percent higher than they were at the same time last year.
Keep in mind that our analysis of the rental market is based on a subset of over 100,000 listings, going back going back to 2004, that we maintain, normalize and index on a monthly basis. And as always, we’ll keep you posted and plugged-in.