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San Francisco lease closes out the 12 months down 27%

The COVID-19 vaccine may have debuted, but that hasn’t stopped rents in the Bay Area from falling.

San Francisco rents fell another 2.7% in December, according to a new report from Apartment List. This brings the average rents in San Francisco to $ 1,992 for a one-bedroom apartment and $ 2,305 for a two-bedroom apartment.

Prices have fallen 27% since January 2020, but the rental location said that while prices continue to fall, an economic upturn in the spring could lead to a rebound in rents.

“After an unprecedented year, rents in San Francisco have fallen nearly 27% since January, more than any other major city in the country. The drop in prices is closely linked to a drop in demand, as the city’s vacancy rate more than doubled from March to August, ”a spokesman for ApartmentList told SFGATE. “However, in the final quarter of 2020, vacancies fell and rents declines slowed, possibly suggesting a rebound in 2021. The rental market usually heats up in spring. If the economy improves in the next few months, prices in SF can be expected to rise again. “

According to Apartment List, rental rates in San Francisco are 27% lower than January 2020.

Apartment list

Oakland rents also continued to fall in December, declining a further 0.8%. The city saw an overall decline of 13.7% last year. The median rent for two bedrooms was currently $ 1,950.

Rent hasn’t dropped all over the Bay Area in December. Walnut Creek prices rose 0.6% in December from the previous month, although they were down 3.1% overall at year-end.

San Francisco rents fell another 2.7% in December, according to a new report from Apartment List.

San Francisco rents fell another 2.7% in December, according to a new report from Apartment List.

Apartment list

Zumper saw similar results in their most recent rental report. The average price for a one-bedroom apartment declined another 1.5% in December, down 24% year over year. Zumper puts the median rent for a bedroom at $ 2,660 and a two-bedroom at $ 3,500.

Happy New Year!

Here is our @Zumper January 2021 rental report 🎉

TL; DR: Large cities continued to record significant year-on-year declines in apartment rents:

SF ⬇️ 24.0% (compared to -22.6% last month)
NY 19.7% (versus -16.8%)
LA ⬇️ 13.3% (compared to -9.5%)

– Anthemos Georgiades (@anthemos) January 4, 2021

Zumper’s migration data shows that many tenants in the Bay Area moved in 2020, but most weren’t interested in moving very far. Sacramento-Stockton-Modesto was the Bay Area’s top tenant destination, and the top five subways were all in California.

We continue to see historic declines in San Francisco, but let me remind you that the average two bedroom rental in San Francisco of $ 2,305 is still more than double the national average of $ 1,090.

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