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Apartment Rents Drop Another 2% in Q1

SAN FRANCISCO-The drop has been about 15% over the past year, according to a new report by RealFacts. Rents have not been this low since early 2000. The good news is that the rate of decline is slowing.

By Brian K. Miller | Updated on April 26, 2002

SAN FRANCSICO-Apartment rents in the San Francisco MSA continued to sag in the first quarter of 2002, according to a first quarter report by RealFacts, a multifamily research firm.

The average rent in March 2002 was $1691, down from $1738 in December 2001, according to the report. That represents a drop of more than 2% in a single quarter. Over the past year, the drop has been about 15%. Rents have not been this low since early 2000, according to the report.

The good news is that the rate of decline is slowing. According to the report, if the rate of rent decline continues for the rest of the year at its present rate, the annual decline for 2002 would be only 8%–half the rate of decline in 2001. As well, the survey found that occupancy actually rose by two tenths of a percent, from 93.5% in December to 93.7% in March.

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