The weighted average asking rent for an apartment in San Francisco ticked down another (1) percent in October to $3,690 per month and has now ticked down for two months in a row.
As such, while the average asking rent in San Francisco is 10 percent higher than at the same time last year and 21 percent above its pandemic driven nadir in the second quarter of last year, it’s still 10 percent lower than prior to the pandemic and 17 percent below a 2015-era peak of nearly $4,500 a month.
At the same time, the number of apartments listed for rent in San Francisco, which suddenly jumped around 25 percent in September, ticked up another 5 percent in October and is now back to within 5 percent of its pre-pandemic supply.
Across the bay, the weighted average asking rent for an apartment in Oakland ticked down a little over a percent in October to $2,575, which is 7 percent higher than at the same time last year and 13 percent ($300) above last year’s nadir, but still 4 percent lower than prior to the pandemic and 13 percent below peak, with 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, currently holding at 30 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. We’ll keep you posted and plugged-in.