“The power dynamics shifted.”
When Bridget Wack went looking for an apartment in San Francisco in 2019, she felt like the odds were stacked against her.
A sign advertising an apartment for rent is hung in the Marina District of San Francisco earlier this year. In August, rent saw its biggest year-over-year decline in 27 months, dropping by 4.3% in the San Francisco/Berkeley/Oakland metro area. What she found was an utterly transformed market. Listings offered one month free — sometimes even two. Rather than leaving work early to get to a showing, she found that landlords were happy to work around her schedule.This time around, Wack was even able to negotiate a lower rent — her landlord knocked $125 off the price of a 1,000-square-foot, one-bedroom apartment near Lake Merritt that originally went for $2,525.
In the San Francisco metro area, where the median rent for a one-bedroom apartment was $1,892 in August, a 4.3% decline represents around $81 — enough for a tank of gas or a week’s worth of groceries.
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