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Apartment Rents in SF Still 13% Below 2019 Numbers

The latest report shows the city’s employment has been rising, but so has office vacancy
By - posted 11/1/2021 No Comment

By Keith Burbank, Bay City News

The latest report out Friday on the recovery of the San Francisco economy presents a mix of good and bad as COVID-19 restrictions have been eased by officials.

Overall, the city’s economic recovery has been slowed by the Delta variant, but some indicators show things improved in September, the latest data available. Office attendance had its strongest month so far, employment has been rising, led by hiring in the hard-hit leisure and hospitality sector, and the public sector added jobs. The growth in public sector jobs was focused in the K-12 and post-secondary education markets.

Other indicators show parts of the economy worsening. The office vacancy rate continued to rise over the July to September quarter, a labor shortage is developing as employment rises and the city’s labor force shrinks, and apartment rents remain 13 percent below their pre-pandemic level.

Read the latest report on the city’s economic recovery.

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