“Asking Rents” in SF Down Nearly 20% From Peak
Thanks to Socketsite for letting us know that “asking rents” (i.e. the rent that landlords are hoping to get in their advertisements) in San Francisco are down nearly 20% from their 2015-era peak and still appearing to drop.
While the current weighted average of $3,600 a month still isn’t “cheap,” it’s $850 less (20%) than the peak from five years ago of $4,450. And recent trends are similar with a $500/month drop from just five months ago.
Other Recent News About Rental Prices in SF
Additionally, Socketsite reports other downward pressures on rents include twice as many apartments listed for rent vs. the same time last year, along with some landlords offering incentives such as complimentary rent and cash concessions driving the “effective” rental price down even further.