As the city starts to reopen, we get a glimpse of a post-pandemic life in San Francisco. The excitement of how things used to be can’t be ignored. It’s been 16 months now, and the quality of life that city residents once were accustomed to, seems almost foreign. Bars are now opening, restaurants extending capacity, and soon, an undetermined number of employees will be moving back to continue the life that we all cherished so much. Throughout this article, we will take a look at where we are in the market and the strategies needed to succeed over today’s competition.
The year is 2019 and you’re looking for an apartment in San Francisco, the median rent is for a one-bedroom around $3700. It’s expensive, but accepted as the cost of entry to live in one of the world’s hottest cities and your salary can afford it. After your move, a Giant’s game at Oracle Park with a slice of Tony’s pizza help you get settled and feel at home.
Fast forward to November, 2020, the beginning of winter in the pandemic. Residents have been leaving the city since spring and rents are down 30%. You’re searching for an apartment, but unsure of what kind of commitment you want to make given the current environment. Vaccines have yet to be distributed, and the majority of tech companies are having their employees working from home until Fall of 2021. The urban lifestyle has changed dramatically and with all forms of entertainment and nightlife completely shut down, San Franciscans find themselves asking “What will this city look like in the distant and not so distant future?”
Now we are living in the present, May 2021. You and most of everyone you know have been fully vaccinated and detailed debates are taking place on exactly how and when employees will be back in their offices. It feels like the city’s energy and excitement are returning which is amplified as new safety tiers are met and restrictions are lifted. As the masks come off and shuttles start commuting, we can’t help but ask ourselves; “Is San Francisco returning to where it left off?”
The median rent for a one bedroom is now $2850, and we are still about 20% away from our 2019 rental rates. Prospective tenants have gone from “seeing what’s on the market” to “ready to make a commitment” and future plans are being made to return to San Francisco. Still, some questions remain and the city’s future landscape is dependent on a number of undetermined factors.
Is this the blossoming market we’ve been waiting for? How do landlords take advantage?
No matter what business you are in, one thing has become clear through the pandemic, your ability to display and present your product online has become imperative to your success. People are more willing than ever to do business remotely. Whether it’s buying a car or renting an apartment, there are new ways to display your product accurately.
Renting apartments sight unseen is nothing new in San Francisco or any other major city, but the level of competition has made the video tour and virtual tour an essential introduction for any new listing. High-quality tenants are not drawn to poor marketing media and they are not willing to take a chance on a property that is not meeting their standard.
Strategies to help your property excel in today’s competitive rental market…
Professional marketing with both photos and video will help you get in the door, but what other strategies have been successful to secure high quality tenants through pandemic? With new safety guidelines in place for showings, how can we be sure your listing is getting the most exposure online?
There will always be multiple ways to find tenants in a city as prestigious as San Francisco, but now, finding the city’s strongest applicants requires a professional storefront and digital techniques which are trusted by the online community. Internet listing services are now charging fees for every listing and online apartment scammers are at an all-time high, so landlords are disadvantaged when trying to compete with traditional tenant search methods.
As San Francisco reopens safely and continues to have the highest vaccine rate in the country, more prospective tenants will be looking to relocate back to our beautiful city by the Bay. At this time, it’s important for landlords to be prepared and have a plan in place that ensures their success. These effective online strategies can be applied to any listing, but the experience is required when monitoring online traffic so listings can get the most exposure. If these steps seem overwhelming, there is help available for property owners looking to excel. A local leasing service should have the tools and experience needed to get your listing to the top of internet searches.
ReLISTO Leasing and Management is a leader in the industry and has spent the past year bolstering an already prominent online rental service. We’ve had success throughout the pandemic with both finding great tenants and managing San Francisco properties. We pride ourselves in helping landlords and tenants through both good times and bad. Contact us to assist you with a leasing and marketing plan that ensures you excel in today’s competitive rental market!
Joseph Johnston is a leasing consultant with ReLISTO and can be contacted at [email protected] for questions or comments.