Submarkets with highest rent growth are outside of the San Francisco CBD
San Francisco market-wide average asking rents are up 143.2% since Q1 of 2010.
May 22, 2019
- San Francisco market-wide average asking rents are up 143.2% since Q1 of 2010. Compared to the U.S. average increase of 34.7%, rent growth in the city has widely outperformed other markets across the nation.
- With 143.2% average rent growth, San Francisco ranks first among markets for rent growth, followed by Seattle which has seen 85.5% growth and Austin which as seen a 72.7% increase.
- Submarkets outside of the downtown core have seen the most rent growth. This is largely attributed to the fact that during the downturn, these submarkets saw significantly more rent compression than the CBD.
- Demand from growing technology companies continues to put upward pressure on rents, not just in San Francisco, but across the Bay Area. Of the top 5 highest rents in the nation, 4 of the markets are located in the Bay Area—New York being the only exception.
Source: JLL Research