Bay Area rents fall more than any U.S. region
By: John Upton
April 8, 2009
Residential rents dropped more in the Bay Area during the first quarter of 2009 than anywhere else in the United States, Reuters reported Tuesday.
The average effective rent — a figure that factors in concessions such as a month of free rent — fell by 2.8 percent to $1,775 per month in the San Francisco area, Reuters reported.
Rents are still sliding as vacancies and unemployment continue to rise in The City, according to San Francisco Apartments Association Executive Director Janan New.
“Some owners are waiting to see where the market is going before they lower rents even more,” New said.
Locally, rents have dropped most in the Marina, Russian Hill and Telegraph Hill neighborhoods, and least in Mission and Inner Sunset, according to New.
