From a plugged-in reader with respect to San Francisco’s rental market:
I do consulting and building inspections for major lenders for commercial properties (apartment buildings over 6 units are considered commercial in SF), and last week I did on site inspections of 8 properties owned by a major SF rental player.
All of the building managers told me that they are not getting any responses at all to new units listed, versus the outlandish amount of emails and phone calls they would receive just a few months back for these same buildings.
These include studios for around $1500 and 1 bedrooms for $1800+, in areas as diverse as Mission, Hayes Valley, and Nob Hill.
The anecdotes are quickly starting to add up. And once again, we expect to see San Francisco rents fall throughout 2009 putting further downward pressure on local housing values as “(E)arnings” fall.
∙ A Rental Market Anecdote From A Plugged-In San Francisco Hipster [SocketSite]
∙ SocketSite’s Residential Real Estate Outlook For 2009 [SocketSite]
∙ Bay Area Rents Surge, But Housing P/E Ratio Remains Out Of Line [SocketSite 1/08]