Having ticked down a percent in October, the weighted average asking rent for an apartment in San Francisco has since dropped another 3 percent to $3,575 per month and has declined for three months in a row with what would appear to be typical seasonality back in play, at lower rates, versus an extended recovery.
In fact, while the average asking rent in San Francisco is 8 percent higher than at the same time last year and 17 percent higher than its pandemic driven low, it’s still 13 percent lower than prior to the pandemic and nearly 20 percent below its 2015-era peak of nearly $4,500 a month. Keep in mind that the average apartment in San Francisco measures over two bedrooms when counting a studio as having one.
At the same time, the number of apartments listed for rent in San Francisco jumped around 15 percent last month and is now 5 percent higher than at the same time last year, 20 percent higher than prior to the pandemic, and at a 13-month high.
Our analysis of the rental market in San Francisco is based on over 165,000 data points going back to 2004 that we maintain, normalize and index on a monthly basis. We’ll keep you posted and plugged-in.