Sun. Feb 5th, 2023

For renters in San Francisco and across the U.S., “pandemic pricing” is increasingly a thing of the earlier, a new report claims — nevertheless the Bay Spot is not rebounding quite as speedily as quite a few other components of the nation.

The newest hire report from Condominium List reveals the countrywide median rent selling price elevated by 2.3% from April to Could — the premier solitary thirty day period boost ever recorded by the listing services, which started its estimates in 2017.

Countrywide year-in excess of-calendar year rent growth also set a history at 5.4%, in comparison to 2.9% in 2018 and 2.1% in 2019.

Condominium Record took historic rent development styles prior to the pandemic, projected what the countrywide rent value would have been if the pandemic had under no circumstances happened, and located that charges have now returned to their normal seasonal trajectory, mentioned Rob Warnock, senior investigation associate for Condominium Checklist.

“The rate reductions that characterized considerably of 2020 have been fully wiped out by latest hire will increase this spring,” he claimed. “Fast-ahead to this thirty day period, and for the initially time because the start of the pandemic, the nationwide median lease cost has ultimately caught up to that projected price tag.”