Having hit $3,575 at the end of June, the weighted average asking rent for an apartment in San Francisco has since jumped another 5 percent to $3,750 a month, which is still 11 percent higher than at the same time last year, which is unchanged from June, but nearly 23 percent ($700) above last year’s nadir for rents with the net number of apartments currently listed for rent in the city 20 percent lower than prior to the having pandemic hit.
All that being said, the average asking rent for an apartment in San Francisco, which measures two and a half bedrooms when counting a studio as having one, is still around 9 percent ($350) lower than prior to the pandemic and 16 percent ($715) below San Francisco’s 2015-era peak, with the average asking rent for a studio having ticked up to $2,200 a month (which is 14 percent lower than prior to the pandemic and still 24 percent below peak).
At the same time, the weighted average asking rent for an apartment in Oakland ticked up 2 percent over the past month to $2,550, which is 8 percent higher than at the same time last year and 12 percent ($270) above last year’s nadir, with the average asking rent for a studio having ticked back over $1,700 a month, which is only 4 percent lower than prior to the pandemic but nearly 22 percent below peak.
As such, the average discount for renting in Oakland versus San Francisco, which had dropped from 35 percent prior to the pandemic to 25 percent early last year, has ticked back up to 32 percent.
Our analysis of the rental market in San Francisco and Oakland is based on over 200,000 data points 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.