SF, Bay Area rents continue to fall

Green Escrow | Rental

San Francisco and Bay Area rents continue to decline at a rate faster than the national average. Rents in San Francisco in December fell 1.1 percent% to $2,174 per month.

Currently San Francisco and San José are the only two metro areas with populations over 1 million that have rents lower than pre-pandemic levels.

Analysts cite the ongoing tech layoffs as having a major impact on rentals.

Bay Area rents to continue to decline for years

Market News

Yes, there was a small increase in Bay Area rents from December to January but some analysts now say that this may have been more a product of the typically high demand for moving in January than a change in direction.

Many multi-family buildings are offering weeks – or even months – of free rent as demand continues to decline.

Sacramento and Bay Area rents have dropped nearly 9 percent since last January while the national average is less than 1 percent. Of course, Bay Area rents are still among the highest in the nation.

Bay Area rents down … slightly

Green Escrow | Rental

Yes, San Francisco is still the priciest city in the USA – 1 bedroom median rent $3490 compared to New York City’s $2970 – but according to the rental listing site Zumper this actually represents a drop of 1.1 percent!

Oakland san a decrease in rental prices by 1.2 percent and San Jose’s rental prices declined 1.7 percent.

Of course, it’s all relative: compared with the rest of the country, Bay Area rents are sky-high. Again, San Francisco ranks number 1, Oakland number 4, and San Jose number 5 but the trend is downward.