Asking Rents in San Francisco Hold, Demand for Studios UpAugust 31, 2022
Having jumped to $3,750 at the end of July, which was 11 percent higher than at the same time last year and 23 percent ($700) above last year’s nadir for rents, the weighted average asking rent for an apartment in San Francisco effectively held in August and remains 9 percent ($350) lower than prior to the pandemic and 16 percent ($715) below its 2015-era peak.
That being said, the apartment vacancy rate in San Francisco continues to drop, with over 20 percent fewer apartments now listed for rent in the city than there were prior to the having pandemic hit and a sharp uptick in rental activity for studios, the average asking rent for which has ticked back up to around $2,200 a month (which is still 14 percent lower than prior to the pandemic and still 24 percent below peak but 10 percent higher than at the same time last year).
Our analysis of the rental market in San Francisco is based on over 150,000 data points going back to 2004 that we maintain, normalize and index on a monthly basis. We’ll keep you posted and plugged-in.
Comments from Plugged-In Readers
Maybe do a grammar check on the second paragraph, which is semi-comprehensible.
In my own much smaller sample, of units renting for a little less than your quoted average, rents were down about 18% from 2019 levels in early 2021, and had increased to being about 6.5% below 2019 levels by early 2022. I don’t have a more recent data point.
I guess I’m not surprised that pricer units saw, and continue to see, a larger drop from the peak than higher priced units.
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