They say that rents, on average, really never go down much in SF, they just plateau. And while many have sensed that we've reached such a plateau over the last two years, thanks in part to a bunch of new construction that has impacted prices at the upper end of the market, average asking rents have indeed slipped a little year over year, according to Socketsite.
You're going to see a lot of competing information around median and average rents, and different sources are going to use different metrics that typically revolve around rents in new-build developments because these are the ones that matter most to developers and the real estate industry. But today's figures are just looking at average rents which include one-off rentals like those in small buildings that many of us live in, as well as units in larger developments.
Per Socketsite, average rent for all types and sizes of units is currently $4,250/month, and $3,400/month for one-bedrooms. This marks a 1.9 percent drop over this time last year though it does mark a seasonal uptick of two percent over the second quarter of this year, because summer is a high time for rental turnover.
It should be noted, though, that after the peak of 2015 when average rent hit $4,450/month, things were still seeming to rise at this time last year, with a 1.4 percent bump over the previous summer.
Looking at median one- and two-bedroom rents, focusing mostly on broker-available information, real estate site Zumper published this map in June showing rents around the city, with SoMa and Mission Dolores leading the pack for the highest. They noted at the time that there was a 6 percent drop in median rents for both types, year over year.
We remain the most expensive city nationally according to Zumper's July report, which showed an $80 seasonal uptick since June, focusing on one-bedrooms only.