If you’ve ever considered moving to SoMa or Mid-Market, this could be your moment. Some of The City’s newest buildings, chock full of amenities, are offering deeply discounted rents in a downtown rental market that’s still clawing back from pandemic lows.
Trinity Place Apartments at Eighth and Market streets is one of the new downtown apartment buildings that is attracting tenants with discounted rental packages. Some of San Francisco’s newest buildings, chock full of amenities, are offering deeply discounted rents in a downtown market that’s still clawing back from pandemic lows.
These discounted rents are partly a reflection of the high-profile challenges — such as homelessness and open-air drug dealing — facing Mid-Market, SoMa and the Tenderloin. Yet another factor is the reduced premium for being close to the Financial District, due to the mass adoption of remote work. Chua’s rent, whose face value is $3,600, was whittled down thanks to a promotion that gave him two months free, plus an additional $2,500 rent credit. With those incentives, some two-bedroom apartments, with a face value of about $3,800, can be had for about $3,000 with a 12-month lease. After that, renters will need to pay full freight, or pack their bags.
“Other neighborhoods have seen a little more pricing demand,” Newman said. “Pacific Heights and the Marina, for example, those are back within I would say 5% of their pre-pandemic rates.” Trinity Place is still about 15% below pre-pandemic rates, Newman said. After 10 months, Trinity Phase IV’s 502 units are about 50% leased, Newman said. That’s a far cry from Phase III, which leased up in a little over 10 months when it opened in 2017. Still, Newman is confident the building will fill up in the next three to four months as more companies call their employees back to work. The rest of the Trinity Place complex is 96% leased, he said.
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