The weighted average asking rent for an apartment in San Francisco was effectively unchanged in January, holding at around $3,450 a month. On a year-over-year basis, however, the average asking rent was 3 percent lower than at the same time last year.
As such, the average asking rent in San Francisco is still 15 percent lower than prior to the pandemic and over 22 percent below its 2015-era peak of nearly $4,500 a month, with the average asking rent for a one-bedroom in San Francisco having inched up to around $2,950 per month but 4 percent lower than at the same time last year, 16 percent lower than prior to the pandemic and 20 percent below peak.
At the same time, the number of apartments listed for rent in San Francisco ticked down 5 percent over the past month but remains 5 percent higher than prior to the pandemic, with local employment trending down, facts that aren’t “bearish” or “pessimistic” in nature but key to understanding and acting on the actual market trends, none of which should catch any plugged-in readers, other than the most obstinate, by surprise.
Keep in mind that our analysis of the rental market in San Francisco is based on over 190,000 data points going back to 2004 that we maintain, normalize and index on a monthly basis versus relying on a few years of data or “recollections.” We’ll keep you posted and plugged-in.