Residential rents in San Francisco are still below pre-pandemic rates, and a full recovery may be a while out - San Francisco Business Times

Residential rents in San Francisco remain below pre-pandemic levels — a trend the city’s chief economist says is tied to the state of the city’s downtown office market.according to data from the online rental marketplace Apartment List

Many of the neighborhoods where rents have declined the most since the pandemic are those whose rental markets were previously dominated by, San Francisco’s Chief Economist Ted Egan said in an interview Thursday. Generally, he said, rental units located east of Van Ness Avenue and north of Cesar Chavez Street are seeing larger drops in rents than their counterparts in San Francisco’s more western and southern neighborhoods.

Data from Zillow shows that rental rates in zip code 94012, which covers portions of Civic Center, Mid-Market and Hayes Valley, have declined 10% from October of 2019 to October of this year; 94103, which touches the Duboce Triangle, Hayes Valley and SoMa, saw 8% decline over the same period.

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Residential rents in San Francisco are still below pre-pandemic rates, and a full recovery may be a while out - San Francisco Business TimesZipcode-level data shows there are neighborhoods where rental rates have ticked up since the pandemic's onset. But areas where rents have declined are missing a key demographic of renters.
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