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Comment by asah | Hacker News Reader

Actually it is starting to work on SF: with 1000s of new units, my apartment is now 20% lower rent vs this time last year.

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I've never seen a property reduce rents on a lease before even if the markets bare it. Did you move units to start a new lease?

I'm curious about the details? Are you in a newer building? When did you start renting?

I keep an eye on rents in SF and I've definitely noticed the trend downward over the past year or so. It was common to see 1-beds go for $3000+ and now most seem to be in the high $2000s.

Just my observation so I didn't know if it went as far as people renegotiating their rents down yet.

I just rented a 1BR for 2300. If you want cheap rent, set up an alert on Craigslist. 90% of the listings on CL are above a market clearing price and have been on CL for 6+ weeks. When the prices are lowered, they get snapped up in 12 hrs or less. I’d say market clearing price now is probably between 2300 and 2700 for an older building in the eastern neighborhoods.

Wow. That's a significant drop. Maybe 2 years ago I spent a few days combing through Craig's list and 90%+ were over $3000. Once and a while you could find a crappy in-law suit for $2900.

Edit: Just took a look at units in the Mission. Holy crap are there a lot of them (124 1-bedroom units). A few years back there were maybe ~20 max at any given time. Lots of new buildings and recently renovated. Even units in prime locations (close to Dolores Park) are sub-$3000 (although not many).

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