When Will Bay Area Rental Market Heat Up Again?
Many people are starting to look at the rental market as the Bay Area starts to come back from the coronavirus.
The market has been at the lowest level the region has seen in years, but many wonder how long will it last? Some just-released numbers give an indication as to how the market will perform in the future.
San Francisco-based Zumper helps people searching for an apartment find their new home. The company said Bay Area rents stalled after steep drops during the pandemic by nearly 25% in San Francisco, which significantly brought down prices.
“As the vaccine rollout increases, more people get vaccinated and we hit peak rental market season in the summer,” said Neil Gerstein, a growth analyst with Zumper. “The rental market in the Bay Area, similar to other expensive areas, will heat up again.”
But many are asking when can they expect prices to increase, leaving some like San Francisco resident Sarah Ferrer anxious.
Ferrer said she was priced out of the rental market prior to the pandemic and was only able to jump in thanks to the steep price drops.
Zumper said residents like Ferrer probably have a little time since it is likely current price levels will remain stable for a while.