Apartments Cheaper, San Franciscans Unemployed-er
Renters who signed on new places last year best sit down for this one: average rents in San Francisco are plummeting and show no signs of stopping, with the average price of a one-bedroom love nest dipping by almost 10 percent since October, according to a city controller’s report.
One bedrooms now command an average of $1729 a month, according to the Monthly Economic Barometer (which is possibly the most-accessible of all controllers’ reports). That’s down from an October average of $1900 a month, a figure which held steady for much of 2009.
For Rent signs can certainly be seen all over town, and vacancies could be part of the reason for the sharp drop. However, the unemployment rate also climbed, reaching 10.3 percent or about 46,000 San Franciscans, the report said.
“Asking rents for one-bedrooms on Craigslist reached their lowest point of the recession in January,” the report said, “although the steepest monthly drops appear to be behind us.”
However, the big fat bummer of a report didn’t stop there, going on to say that “all in all, San Francisco’s economy appears to be at a trough, with few indicators getting seriously worse, but little sign of imminent recovery.”
So, home-seekers, now might be a good time to move. If you haven’t already moved back to your parents’ house, that is.
The Appeal considered asking real estate professionals for comment but decided against ruining their beautiful days. Those interested in inquiring into shrinking commissions can go here.
