San Francisco, CA

S.F. rent prices are sinking faster than most U.S. cities. How low will they go?

Published

1 year ago

December 6, 2023

S.F. rent prices are sinking faster than most U.S. cities. How low will they go?

Median rent prices in San Francisco are the lowest they’ve been since mid-2021. Experts say they could decline a bit more as the rental market slows for the winter.

The median one-bedroom asking rent in San Francisco was $2,190 in November 2023, according to data from Apartment List. The last time rent was lower than that was in June 2021, when the city’s prices were moving upward following a pandemic-induced plummet.

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Despite some brief summer bumps, San Francisco’s rent prices have never returned to pre-2020 levels. The city’s typical rent in November 2023 was 16.4% lower than the $2,620 in November 2019.

That’s despite growth in rent prices statewide. California’s typical rent of $1,620 in November 2023 was 13% higher than the $1,430 it was four years prior.

Rents usually dip in the fall and winter before climbing in the spring and summer, according to Rob Warnock, senior research associate for Apartment List. People tend to avoid moving during the holidays, he explained, but demand for apartments rises when the weather is warmer and the school season is over — allowing landlords to charge more.

But the main reason San Francisco is seeing lower rents, Warnock said, is that fewer people are looking for apartments there.

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“San Francisco is notorious for not creating affordability through new housing supply, but (it) is a perfect example, in some ways, of creating affordability by removing demand from the rental market,” he added.

The city’s rents are particularly low compared to last year, when prices were still partially elevated by a summer surge that didn’t materialize this year. San Francisco’s median one-bedroom rent fell from $2,350 in November 2022 to $2,190 in November 2023. That drop, at 6.7%, was bigger than in nearly any other of the 100 largest United States cities for which Apartment List has data. Only Oakland had a deeper dip.

But San Francisco still had the third-highest rent among the biggest United States cities in November, behind only Huntington Beach and Irvine.

Rents in South of Market and Mission Bay have fallen most steeply over the past year, according to data from housing broker Zillow, which tracks changes in rents at the ZIP code level. Estimated prices increased in just a few areas, such as the 94134, which includes Portola and Visitacion Valley.

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Record levels of housing construction have helped temper prices in some parts of the country, Warnock of Apartment List said. And he believes there’s enough development in the pipeline to continue that trend nationally for another year or two.

But San Francisco has long lagged in that area, despite recent efforts by state and city officials to speed up the process. If more companies start requiring workers to return to the office next year, Warnock said, competition between renters could push prices back up.

Reach Christian Leonard: Christian.Leonard@sfchronicle.com

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San Francisco, CA

SFO experiences little disruption on one of busiest travel days

Published

9 hours ago

December 23, 2024

Press Room

SFO experiences little disruption on one of busiest travel days – CBS San Francisco

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Most flights were on time at SFO as travelers head out for the holidays.

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San Francisco, CA

Dolphins keep playoff hopes alive with 29-17 win over 49ers, who were eliminated Sunday afternoon

Published

16 hours ago

December 22, 2024

Press Room

Dolphins keep playoff hopes alive with 29-17 win over 49ers, who were eliminated Sunday afternoon

MIAMI GARDENS, Fla. — – Tua Tagovailoa threw for 215 yards and a touchdown, Jason Sanders nailed five field goals, and the Miami Dolphins kept their playoff chances alive by beating the San Francisco 49ers 29-17 on Sunday.

The 49ers were eliminated from the playoffs before the game because of wins by the Los Angeles Rams and Washington Commanders earlier Sunday. The loss ensured that last year’s NFC champions will have a losing season for the first time since 2020.

The Dolphins (7-8) helped their chances of making the playoffs for a third straight season, but will need to win their final two games and get help from losses by the Broncos, Chargers and Colts for that to happen.

Trailing by nine early in the fourth, San Francisco quarterback Brock Purdy found tight end Eric Saubert for a 2-yard score that cut the lead to 19-17, but the Niners couldn’t get past self-inflicted wounds.

After punting the ball back to Miami with 6:45 left, San Francisco was hit with consecutive penalties for illegal substitution, unnecessary roughness and offsides to give Miami 25 yards, helping set up Sanders’ 48-yard field goal that stretched the Dolphins’ lead to five.

The 49ers were penalized 11 times for 90 yards.

Cornerback Kader Kohou then intercepted Purdy on the next drive, after the quarterback was pressured by defensive tackle Calais Campbell. Dolphins running back De’Von Achane sealed it with a 50-yard touchdown run.

Tagovailoa finished 22 of 34. Purdy was 26 of 40 for 313 yards and two touchdowns.

Tyreek Hill’s inconsistent season continued. He caught just 3 of 7 targets for 29 yards and a touchdown, with drops on the first two drives of the game and another on a potential touchdown in the third.

Jonnu Smith caught six passes for 62 yards to set the Dolphins’ single-season franchise record for receptions (76) and receiving yards (802) by a tight end.

Sanders was 5 of 5, including a 54-yarder, which made him 11 of 13 on field goals of 50-plus yards this year. San Francisco’s Jake Moody missed a 41-yarder in the third.

Deebo Samuel caught his first touchdown since Week 6 on a 16-yard score in which he muscled through several defenders on his way into the end zone.

Miami moved into 49ers territory three times in the first half but settled for field goals before Hill’s 3-yard touchdown catch from Tagovailoa that put the Dolphins ahead with 3:20 left in the second.

Purdy then drove San Francisco 67 yards down the field to set up Moody’s 21-yard field goal to cut Miami’s lead to 13-10 at halftime.

Injuries

49ers: LB Dre Greenlaw (right calf), LG Aaron banks (knee) and LT Jaylon Moore (quad) left with injuries. … DE Leonard Floyd played through a shoulder injury suffered in the first quarter.

Dolphins: WR Jaylen Waddle did not play because of a knee injury suffered last week. … CB Kendall Fuller (knee) and LB Jordyn Brookes (quad/knee) left in the second half.

Up next

49ers: Host Detroit on Monday Dec. 30.

Dolphins: At Cleveland next Sunday.

——

AP NFL: https://apnews.com/hub/nflbr/]

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San Francisco, CA

SF is the only city where it's cheaper to buy a home now than in 2019

Published

1 day ago

December 22, 2024

Press Room

SF is the only city where it's cheaper to buy a home now than in 2019

San Francisco is the only major U.S. city where it’s cheaper to buy a home now than it was five years ago, according to data from real estate listing site Zillow.

Of the 100 largest U.S. cities by population, San Francisco is the single example that saw home values fall between November 2019 and November 2024, based on what the company calls the “Zillow price index.”

The city saw the typical home price decline by 3.7% during that period. All other cities saw prices increase. Across the Bay, Oakland had the smallest increase, with the average home value rising 2.1%. Among other major U.S. cities, prices rose 37.58% in Los Angeles; 38.34% in Austin, and 69.26% in Miami.

Cheaper is one thing. But cheap? That’s a different story.

According to Zillow, the typical home value in San Francisco in November 2024 was $1.26 million, versus $1.31 million five years ago. In 2019, San Francisco had by far the highest typical home price across all major cities, coming in more than 30% over second-place San Jose.

In 2024, San Francisco was one of four cities, all in California, with typical home prices over $1 million.

Kara Ng, a senior economist at Zillow, said San Francisco was an outlier in the first place.

“Five years ago, San Francisco was far and away the most expensive city to buy a home in the U.S.,” Ng said, adding that the pandemic fueled the ability for a highly paid but price-constrained workforce to flock to more affordable areas.

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