A new survey from the San Francisco Apartment Association found that 7.5% of renters have broken their lease over the last three months. The survey included information from 292 landlords who own 10,329 apartments, about 6% of the city’s total rental units. While the number of broken leases is not a statistic that the multifamily housing industry association has previously tracked, it’s clearly way above normal.
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A new report from Zillow, a marketplace for rentals and home sales, found that some 2.7 million U.S. adults moved in with their parents in March and April, a trend that nationally could lead to $726 million in lost rent this year alone.
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The impact that the out-migration will have on affordability remains to be seen. The real estate search company Zumper reported earlier this month that rents in San Francisco are down 9.2% year over year. In addition to that, many landlords are giving away free rent — the developer Emerald Fund is giving 12 free weeks on some units in its three Civic Center buildings at 100 Van Ness, 150 Van Ness and 150 Hayes.
Wavro said that the city has pockets of weakness and areas that are doing relatively well. The biggest drops and most aggressive incentive packages can be found in the amenity-rich apartment towers that have popped up in recent years in South of Market, Rincon Hill, Civic Center and Mission Bay, which is currently without two of its main attractions, the Giants and the Warriors.
From the article:
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