After a year and a half of steady price increases, asking rents for Bay Area apartments are falling as economic uncertainty ripples across the region.
After a year and a half of steady increases, rental prices for Bay Area apartments are falling — a rare bit of relief for renters as economic anxiety ripples across the region.
In both the San Francisco and San Jose metro areas, rents are down around 2% from their most recent high in August, double the nationwide drop during that time, according to data from Apartment List, a rental listing site. The price declines are the latest lurch in what’s been an unpredictable ride for the Bay Area rental market during the pandemic.
Marika McHugh, 32, recently moved to San Francisco from Hawaii to live with her boyfriend at the Parkmerced apartment complex on 19th Avenue. She said she didn’t have much competition securing an apartment at the high-rise towers, where rents start around $2,800. In turn, apartment vacancy rates across the Bay Area are creeping back up to near or above 5%, not far behind the 5.5% national rate, according to Apartment List data.
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