Having bottomed out at around $3,050 last month, which shouldn’t have caught any plugged-in readers by surprise, the weighted average asking rent for an apartment in San Francisco has since ticked up around 2 percent to $3,125 per month but is still 24 percent lower than prior to the pandemic having hit and 30 percent below a 2015-era peak.
And with the net number of apartments listed for rent in San Francisco, including units in larger buildings as well as one-off rentals, having dropped nearly 20 percent over the past month, following the trend we highlighted back in April, the average asking rent for a studio in the city has ticked back up to a little over $1,900 a month (but is still 25 percent lower than prior to the pandemic having hit), the average asking rent for a one-bedroom in the city has ticked up to around $2,650 a month (but is still 25 percent lower than prior to the pandemic), and the average asking rent for a two-bedroom in San Francisco is back over $3,600 a month for the first time in six months, having jumped 4 percent over the past month but still 27 percent below peak.
All that being said, there are still 45 percent more apartments listed for rent in San Francisco than there were at the same time last year and 85 percent more than there were prior to the pandemic, while the population has shrunk, which should continue to moderate the rebound in rents.
And as always, our analysis 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. We’ll keep you posted and plugged-in.