As we first reported last week, the weighted average asking rent for an apartment in San Francisco had slipped a percent in October to $3,375 per month, an average which has since ticked down to $3,350. At the same time, the number of units listed for rent in the city has ticked up nearly 10 percent.
As such, while the average asking rent in San Francisco is up around 10 percent from its pandemic-era low in May and 3 percent higher than at the same time last year, it’s still over 18 percent ($750) lower than prior to the pandemic and 25 percent below a 2015-era peak, with the average asking rent for a one-bedroom in the city having held at around $2,800 over the past quarter (which is down from closer to $3,700 at peak).
Keep in mind that asking rents in San Francisco typically tick down in the fourth quarter with a seasonal slowdown in the market. But a typical slowdown should mute expectations for a full-blown rebound and rapid rise in rents.
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 (or weekly when volatility is up). And as always, we’ll keep you posted and plugged-in.