September 4, 2017 In Blog
Bay Area Rent Trends
This is from our mid-year report on the multi-unit residential market.You can see the full report here: Bay Area Apartment Market Report
San Francisco wants to boast that it has the highest rents in the nation – and it does if you look at our median rental price. However, it is likely that Manhattan exceeds San Francisco rental costs when it comes to luxury rentals or apartments in high end buildings-there are simply so many more of them available in Manhattan.
And San Francisco rents have been dropping since the recent peaks in late 2015/early 2016. The two main factors for the drop are the slowing in high-tech hiring and the large influx of new rental units; over 8000 have been built in the past 5 years, with at least 10,000 expected to hit in the next 5.
Are you ready for the deep dive into market analytics? All of our Bay Area real estate analyses can be found here in recent Paragon Market Reports.