San Francisco Multi-Unit Market Update | Q3 2022
SAN FRANCISCO MARKET UPDATE | Q3 2022
Similar to the overall residential market in San Francisco, the apartment building market recorded significant downtrends due to financial market uncertainty and volatility.
On the brighter side, rental rates in San Francisco have continued to moderately improve. Rent.com reported that ‘For a studio apartment in San Francisco, CA, the average rent is $3,002.When it comes to 1-bedroom apartments, the average rent in San Francisco, CA, is $3,571. For a2-bedroom apartment, the average rent is $4,720. The average rent for a 3-bedroom apartment in San Francisco, CA, is $5,862.’
The market continues to adjust to unsettled economic conditions, and definitive conclusions should not be made based on a single quarter’s data. Sales numbers are expected to remain steady through the autumn selling season which ends mid-November when the holiday slow-down historically begins.