A recent study confirms that Bay Area rents are plateauing! An article in the San Francisco features quotes from Advent Properties Founder/CEO, Benjamin Scott.
“Things are definitely slowing down,” said Benjamin Scott, founder of Advent Properties, which manages rentals in San Francisco and the East Bay.
“We are seeing a lot of concessions … especially in SoMa, where there has been a glut of new apartment properties coming online at once.” Those concessions, such as reduced deposits or a month of free rent, “are reverberating” throughout the city.
Scott’s firm has had a two-bedroom apartment on Sumner Street on the market at $3,495 for a month. It has had a one-bedroom condo on Buena Vista Avenue with parking, also at $3,485, on the market for three weeks.
He said some owners are reluctant to lower their rent because they upgraded the property in anticipation of rising rents, or the unit is rent-controlled and they don’t want to lock themselves into a lower rent.
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