Bay Area rental rates on the rise

Real Estate

SAN FRANCISCO, Calif. (KRON) – If you have been thinking about taking advantage of low apartment rental prices in San Francisco, this story is for you.

A pair of Bay Area real estate analysts say you better act fast because time is running out. 

The rental price for a one bedroom in San Francisco — is it going up or is it trending down?

“It is going up once again. It’s been going up for the last couple of months actually,” senior research associate Rob Warnock said. 

Senior research associate from Apartment List, Rob Warnock, sites data found in Apartment List’s monthly rent report showing rent being on the rise in the city.

“This past month we saw prices go up three percentage points month over month. 3% may not sound like a whole lot but in terms of city-wide rent prices it’s quite a substantial increase than we normally see at this time of the year,” Warnock said. 

“We’re seeing that first real big pop in rental prices month over month since the beginning of the pandemic,” senior economist Joshua Clark said. 

Zillow’s senior economist Joshua Clark talks about the going rental rate for a one-bedroom in San Francisco.

“You’re looking from anywhere from the mid-two-thousands to over three thousand depending on the type of building you’re going to get into. That is still a far cry away from what we were seeing a year ago when we were seeing rents typically three to four hundred dollars higher on these types of buildings,” Clark said. 

The negative economic impact of the pandemic is not only wearing off in the San Francisco rental market, says Warnock.

“Across the Bay Area, it’s the same story. 3% in San Francisco. 4 1/2 in Berkeley. 2 1/2 increase in San Mateo. 2% in the East Bay in Dublin and Walnut Creek. San Jose, Redwood City, the same story. Prices are going up. Still lower than it was this time last year but, getting closer and closer as we move throughout the Spring,” Warnock said. 

“I have been telling my friends for a while now. Hey! Get in now,” Clark said.

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