Apartment rents in coastal markets have hit a trough, according to the latest data from Apartment List. Nine of the 10 markets with the most significant rent declines in 2020 had positive rent growth in February. For five of those markets, it was the first instance of rent growth since the beginning of the pandemic.

San Francisco is the primary example. Rents in San Francisco are down a staggering 26% year-over-year, but in February there was some semblance of hope when rents improved 1.2%. This was a welcome reprieve. Rents in San Francisco have fallen an average of 3.4% each month since the start of the pandemic. February was the first time that the market has seen rent growth since March 2020.

San Francisco isn't alone. Other major metros in coastal markets saw an increase in rents this month. In Boston, rents grew by 3% month-over-month, which Apartment List notes is the largest increase among the nation's 100 largest cities.