While the rebound in San Francisco apartment rents has slowed, the weighted average asking rent for an apartment in the city has ticked up around 1.5 percent ($50) over the past few weeks to around $3,325 per month.
As such, the average asking rent in San Francisco is now 9 percent higher than it was at its pandemic-era low, which we called at the time, but it’s still 19 percent lower than it was prior to the pandemic and 26 percent below its 2015-era peak, with the average asking rent for studios and one-bedrooms having only rebounded around 6 percent since May (versus an average increase of around 10 percent for larger, roommate-friendly units).
And while there are now 50 percent fewer apartments 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 35 percent more units listed for rent in the city than there were prior to the pandemic having hit and the implied vacancy rate has actually ticked up over the past few weeks, reversing a six-month decline in listing activity.
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. We’ll keep you posted and plugged-in.