Having rebounded a combined 6 percent in May and June, the weighted average asking rent for an apartment in San Francisco has since ticked up around (1) percent to $3,275 per month.
As such, the average asking rent for an apartment in the city is still over 20 percent lower than it was prior to the pandemic having hit and nearly 27 percent below its 2015-era peak, with the average asking rent for studios and one-bedrooms having only rebounded around 4 percent since bottoming in May, versus an average increase of around 9 percent for larger, roommate friendly, units.
And while the implied vacancy rate in the city continues to drop, with 50 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, there are still 40 percent more units listed for rent in the city than there were prior to the pandemic having hit.
Our ongoing 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.