San Francisco apartment rents continue to drop, still most expensive city to live in
Apartment rents in the San Francisco Bay Area dropped by 0.7 percent on a trailing three-month basis through August to $2,588 per month, while the U.S. average remained flat at $1,463 per month, reported Yardi Matrix. The average rent in San Francisco had been on a slightly downward trend since October 2019 due to pricing and incoming supply, but started deteriorating more abruptly in April. Lifestyle prices led contractions, declining by 0.9 percent on a trailing three-month basis through August to $3,015 per month, while renter-by-necessity units saw a 0.6 percent drop during the same period.
Several factors contributed to the decline in the average rent, including the COVID-19 outbreak and robust inventory growth, as well as proximity to