This past month, rents in San Francisco increased by 1.2%, the first increase since the start of the pandemic. For reference, San Francisco rents fell by an average of 3.4% per month from April through December of 2020. That said, rents in San Francisco are still down by 26.1% year-over-year, the #1 sharpest decline among the 100 largest cities in the U.S. Median rents in San Francisco currently stand at $2007 for a 1-bedroom apartment and $2322 for a two-bedroom.
The data continue to show significant regional variation, but the days of plummeting rents in pricey coastal markets appear to be coming to an end, as many of these cities experience positive month-over-month growth for the first time since the start of the pandemic. At the other end of the spectrum, many of the mid-sized markets that have seen rents grow rapidly through the pandemic are continuing to boom.
The rental market in San Francisco is an important indicator of the desire (or not) to live in San Francisco, and this is a good sign. Still too soon to tell if we’ve turned the corner, but it would appear from anecdotal stories of countless multiple offer situations and some properties that barely had a showing now selling that maybe there is light at the end of the tunnel.
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