San Francisco rents remained largely stable in February, which supports the theory that we may have bottomed out at last.
According to Zumper, the median rent for a one-bedroom apartment has only dropped 1.1% since January to hit $ 2,650. The average price for a two bedroom apartment changed 0% and remained at $ 3,500. While this has hardly changed since last month’s report, Zumper is cutting SF rents for one-bedroom apartments by 24.3% year-on-year and for two-bedroom apartments by 23.6%.
A month ago we had seen SF recover a little from a seasonal surge in tenant demand in January
It didn’t last this month: //t.co/nT8ubIu3gz
– Anthemos Georgiades (@anthemos) February 24, 2021
While rents stabilized in San Francisco, they are still rising across the country, the fastest rising since last month’s pandemic in the US. “For most of 2020, prices in the most expensive rental markets in the country had fallen rapidly, while prices in cheaper markets had increased significantly. The result was expensive and cheaper markets, the price of which was much closer, ”said Zumper analyst Neil Gerstein. “That trend has reversed, however, as price reductions have slowed or stopped in expensive cities and growth has slowed in cheaper places. This means that the ‘price gap’ between expensive and cheaper cities has widened again, something we haven’t seen since early 2020. “
While rental rates for SF, Oakland, and San Jose have plummeted year over year, nearby Sacramento and Fresno homes have risen dramatically.
Apartment List saw a modest increase in rental price analysis last month in San Francisco, up 1.1% from January. The average price for one bedroom is $ 2,007 and the average price for two bedrooms is $ 2,322.
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Nevertheless, the prices fell by 26.1% compared to the previous year. “After starting to rise last month, prices rose another 1.1% this month. This was the largest increase from the previous month in over two years, when prices rose 1.3% between July and August 2018 “said Rob Warnock, Research Associate at Apartment List. “The momentum is building up again in the San Francisco rental market, albeit slowly.”
While rents across the country have fallen 0.8% in the past 12 months, SF rents have dropped 26.1%.
It also happens across the region. This month rents rose in other counties in the Bay Area: Santa Clara (plus 1.1%), Marin (plus 1.1%), San Mateo (plus 0.8%) and Alameda (plus 0.6%) according to apartment list.
According to Zumper data, Oakland may have stabilized as well, with no one-bedroom apartment rental rates changing since January. Two bedrooms saw a modest decrease of 1.2%, with an average price of $ 2,500. Overall, Oakland rents are 15.6% lower than then last year for one bedroom and 13.8% lower for two bedrooms.