SAN FRANCISCO—The rate of vacancies continues to increase in San Francisco buildings which has resulted in rent prices decreasing.
Buildings located in Hayes Valley, Dogpatch, Mid-Market and Downtown are being hit the hardest.
This past June, vacancies in ten buildings situated in these areas were getting close to 6 percent, according to Socket Site. That means that there were close to 9,000 empty units.
Today, the average rate has increased to over 10 percent in the same buildings.
In one of the buildings alone, the vacancy rate has hit 16 percent. Socket Site projects that this rate could increase to well over 20 percent by November 30.
These circumstances mean that property value is the lowest it’s been since 2013 with one-bedroom apartments now being only worth under $2,800 a month. Bedroom prices have decreased by 23 percent since the beginning of this year.
Socket Site reported on October 2 that apartment complexes such as The Avery on 450 Folsom St., The Paramount on 680 Mission St. and Fifteen Fifty on 1550 Mission St. have attempted to soften the effects of decreased vacancies by offering three months rent free for new residents who sign a lease with them.
This has not had any impact on the current numbers.
