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Keep in mind this a thinly traded market, during the pandemic even more so. We're talking about dozens of transactions here.
by closeparen 6y ago
Keep in mind this a thinly traded market, during the pandemic even more so. We're talking about dozens of transactions here.
- pmiller2 6y agoAt the same time, you have to also keep in mind that apartments in the Bay Area frequently get rented after a single, 15 minute open house, set at the convenience of the property owner or leasing agent. This does not seem to be happening right now, based on how my & my girlfriend’s apartment search has been going. We’ve also been seeing insane move-in incentives, like 2 months free rent, which I’ve never seen before. I’d love to see if there was more data about it, but my experience is leading me to believe the price drops are real (not statistical aberrations due to a small sample size), and likely caused by the immense negative demand shock we’ve been experiencing in the economy at large.
- reaperducer 6y agoWe're talking about dozens of transactions here. I think it's bigger than you think. I read a newspaper article just yesterday which stated that the average annual turnover rate for an apartment complex in the United States is almost 50%.
- refurb 6y agoYup, even when the market was "normal" (pre-COVID), it was usual to see random spikes and drops in the average rent price in SF. In a given month, if the latest rentals are all luxury apartments, that will spike the average rent price even if prices haven't moved at all.