The State of Rental Real Estate in SF: Ziprent And The Rent Decline Reversal

As is the case in cities across the rest of the Bay Area, the number of people renting in San Francisco tends to exceed the number of people who own their homes, with upwards of 55% of SF residents living in rental homes.

In recent years, the real estate market in San Francisco has been extremely desirable for renters, as well as a lucrative investment for property owners — especially with the city’s chronic shortage of housing. SF has consistently ranked atop the list of most expensive cities to live in the United States.

However, as pandemic fallout has seen unprecedented migration shifts and rent decline nationwide, SF property owners have been hit the hardest, with rents having decreased nearly 27% between early 2020 and early 2021.

e4c34 san francisco rent growth over past 12 months The State of Rental Real Estate in SF: Ziprent And The Rent Decline Reversal
via Apartment List (San Francisco Rent Report 2021)

Despite record lows and an historic decrease in rent for San Francisco landlords, market analysts are starting to see clear signs that these trends are beginning to plateau, if not even slightly reversing, and last month the rental website Zumper recorded the first rent increase in SF since the coronavirus pandemic erupted in April 2020.

Rob Warnock, an analyst with the renting platform Apartment List, believes the drop in San Francisco’s rental market has finally bottomed out as local rents begin to tick up marginally, telling SFGate, “Barring a new catastrophic phase of the pandemic, economic recovery and vaccine distribution should encourage prices to rise again, albeit slowly.”

While it may take years for the city to see the blistering rental demand that drove rents sky-high over the last decade, the median two-bedroom rent of 2,305 is still more than double the national average, and San Francisco is still the most expensive place to live in the country.

This mass exodus of renters from San Francisco has left owners and landlords with an accumulation of vacancies and not a lot to stand on. While many property owners struggle to find tenants and searches for ‘property management companies’ continue to soar Google, one company is establishing itself amongst its competitors to seize the opportunity to serve its community.

Founded in 2018 to fill a void created by ineffectual and substandard property management services, Ziprent has integrated technology and premium, hands-on customer service to provide the highest level of property monetization, maintenance and utilization at the lowest cost possible.

Ziprent’s mission is to make the process of renting a property easy, efficient, and straightforward for all parties, combining world-class customer service with superior technology to automate maintenance requests and rent collection.

For owners struggling to find renters, however, a lot of Ziprent’s value can be found when it comes to tenant placement. Ziprent’s platform is capable of listing a property, showing it, verifying the applicant, signing a lease, and coordinate security deposit collection, all within 24-48 hours.

Having partnered with more than 20 listing sites, such as Zillow and Trulia, Ziprent can make certain your property receives the proper exposure to potential qualified tenants, and their curated network of professional photographers guarantees extensive, high-quality photos will have your property looking stunning.

e4c34 ziprent platform property management software The State of Rental Real Estate in SF: Ziprent And The Rent Decline Reversal

Ziprent’s on-demand showings via lockbox allow prospective tenants to come and see the property whenever they want, ensuring they see your property before any other that requires them to coordinate a time. Ziprent’s prospective tenants can select a two-hour window before being verified and sent a unique code to view the property, and time alone inside the space allows them to see it unrushed, offering a better experience for the potential renter.

This process ensures that regardless of how popular a property is, every tenant who wants to see a space is able to see it. With traditional, in-person showings, a property manager often stops showing a popular property because they don’t have the bandwidth to show it that many times.

Ziprent thoroughly vets all prospective tenants with both a background and a credit check, generates a tenant score, and shares the findings with their homeowners, maintaining a highly transparent level of application presentation.

Ziprent has quickly become one of the leading property management companies across the Bay Area, with over 850 units managed, 30,000+ on demand showings, and more than $30M in rent processed. And given their focus on highly responsive and transparent property management services, no one is able to bring more benefit to property owners with large portfolios and landlords looking for the luxury of a hands-off experience, especially those who own but are not local to SF.

Consider Ziprent for all of your property management needs today or check out SFist’s Top Property Managers in San Francisco.

Article source: https://sfist.com/2021/04/05/state-of-real-estate-in-sf-ziprent-and-the-rent-decline-reversal/

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