Despite some recent misreports to the contrary, apartment rents in San Francisco have not risen 18 percent since the start of the year.
The weighted average asking rent for an apartment in the city has rebounded around 10 percent from its pandemic-era low last quarter, however, including a 1 percent increase over the past couple of weeks to around $3,370 per month.
But asking rents in San Francisco are still 18 percent lower, on average, than they were prior to the pandemic and 25 percent below a 2015-era peak, with the average asking rent for studios ($2,000) and one-bedrooms ($2,800) having only rebounded an average of 7 percent since May and still down an average of over 27 percent from their peaks.
And once again, 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 27 percent more units listed for rent in the city than there were prior to the pandemic and 46 percent more listings than there were at this time of the year in 2019.
Keep in mind that our analysis is based on a subset of (well) 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.