San Francisco's rental market has faced a significant surge in 2024, where asking rents have climbed sharply after a pandemic-induced decline. Apartment List reports a 6.4% increase in the median asking rents, with one-bedroom apartments now averaging $2,864, while two-bedroom apartments reach $3,394. This trend contrasts sharply with Austin's 6% rent decrease and New York City's 5.5% increase. As vacancies fall, the influx of tech workers seeking specific amenities, like protected parking garages, reveals a shift in rental demands post-pandemic, although rents still remain lower than pre-COVID levels.
San Francisco's median asking rents have increased rapidly in 2024, with one-bedroom apartments now at $2,864, reflecting a 6.4% rise from the previous year.
The demand for rentals in San Francisco is shifting as a new wave of tech workers come in, seeking units with parking garages due to commuting needs.
While rents in San Francisco are up, they remain below pre-pandemic peak levels, indicating a recovery trend but not a return to extreme highs.
Austin saw a 6% drop in rents during the same time frame that San Francisco's rents surged again, highlighting divergent market trends among cities.
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