Having bottomed out in May, the weighted average asking rent for an apartment in San Francisco has since ticked up a little over 4 percent to $3,175 per month, but with the average asking rent for studios and one-bedrooms having only ticked up around 2 percent versus a 5 percent increase in the average asking rent for larger units.
That being said, the average asking rent in San Francisco is still 22 percent lower than prior to the pandemic having hit and nearly 29 percent below its 2015-era peak.
And while the implied vacancy rate in the city has dropped, with 40 percent fewer apartments now listed for rent in San Francisco than there were at the beginning of the year, which includes units in larger buildings as well as one-off rentals and shouldn’t have caught any plugged-in readers by surprise, there are still 60 percent more units listed for rent in the city than there were in February of last year.
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. And as always, we’ll keep you posted and plugged-in.