While the weighted average asking rent for an apartment in San Francisco proper has been holding firm at around $3,600 a month since mid-March, it’s now down nearly 4 percent on a year-over-year basis, representing the first year-over-year drop in asking rents in two years.
As such, the weighted average asking rent in San Francisco is still 12 percent lower than prior to the pandemic and 19 percent below its 2015-era peak of nearly $4,500 a month, with the average asking rent for a one-bedroom in San Francisco currently holding at around $3,000 per month, which is now 3 percent lower than at the same time last year, 15 percent lower than prior to the pandemic and 19 percent below peak.
At the same time, the number of apartments listed for rent in San Francisco is now running 30 percent higher than at the same time last year, with nearly 40 percent more studios and one-bedrooms on the market, with local employment trending down and the cost of capital having jumped, none of which should catch any plugged-in readers by surprise.
Our analysis of the rental market in San Francisco is based on over 170,000 data points going back to 2004 that we maintain, normalize and index on a monthly basis, not simply a few years of data or recollections. We’ll keep you posted and plugged-in.