When the COVID-19 pandemic lockdowns began, the rental markets came to a halt. Renters everywhere were facing uncertain economic futures when many lost their jobs. A lucky few individuals prospered and used this time to get out of a high cost lease and travel the world. Either way, renters moved out of their apartments seeking greener pastures.
Around June of 2020, we decided it would be a good idea to track the rate at which property managers were offering concessions and the average discount (how many months free you can get). We find listings on the internet via the Padfever Chrome Extension and analyze them using Machine Learning.
Here's a bit about what we found...
The rate of concessions being offered has dropped by 54% since June, 2020:
Here is a list of the most common concession seen each month since June, 2020:
|Month||Most Common Concession|
In June, 2020, there were over 1000 ads in San Francisco that we tracked that were offering a 2 month discount. In March, 2020, there were 233 ads in San Francisco that were offering a 2 month discount.
Our conclusion: It seems like the market is starting to turn around in San Francisco. It still isn't particularly great for property managers, but they aren't offering competitive discounts as often. Now is probably a good time to find a place if you're a renter.