sfaa sfaa 2023

We encourage landlords to set their best foot forward as soon as possible to get apartments rented quickly for top dollar. Several clients have not wanted to invest in their properties and then see units sit vacant. Once they agree to make the improvements we suggested early on, the apartments tend to rent quickly without a price reduction.

We predict the market will pick up a little this summer, but we probably won’t see the usual upswing from the winter months. While employees are returning to the office, and consequently, the San Francisco rental market, this influx will likely be counterbalanced by the tech industry layoffs.

Upcoming Classes

During the pandemic, the monthly SFAA member meetings and classes will be held virtually. For member meeting topics and schedules, go to www.sfaa.org. For a list of virtual SFAA classes, turn to the calendar on page 46.

Sfaa Office

As the SFAA continues a hybrid in-office work model, members are welcome to make an appointment. However, please refrain from coming in person if you have tested positive for, were exposed to, or have symptoms of COVID-19. The best way to have your questions answered is through email at MemberQuestions@sfaa.org.

Natalie M. Drees can be reached at ndrees@lingschrealty.com.

Nikki Resch

Leasing Manager

Gaetani Real Estate

The San Francisco rental market has gone through some interesting changes over the last few years. From “wants” to “needs,” in 2023, we are seeing many trends continue over from last year, with some new additions giving us a glimpse at what’s to come.

Just like last year, a top priority for renters is the continued need for more space. Working from home remains the norm for many, and extra space to accommodate a home office important. Whether that be an extra bedroom, extra closet, or an extra spacious living room, renters desire more space than ever before. This is also leading to less roommate situations, and we are seeing many solo renters getting their own places—many for the first time. With working from home seemingly permanent, many are not just desiring, but needing more space.

We are also seeing a steady stream of people moving or returning to San Francisco from outside the city, with more and more people coming from outside the country and state. Despite many still working from home, there’s been an influx of renters returning to urban life— and there is once again a desire to live closer to work. Closer does not mean too close, though. Vacancies in the Nob Hill and Downtown areas are taking longer to get filled, even with lowered rents. Without the need to be in an office daily, many are choosing to live farther away from the downtown core.

Building safety and security is also a top priority for renters in 2023. As package theft remains an unfortunate issue throughout the city, renters are requesting safe and secure methods for receiving deliveries. Package theft is also a reason some people are moving away from certain buildings and neighborhoods. Prioritizing safety and security should be a top concern for building owners this year.

When it comes to filling vacancies, investing in small cosmetic improvements can really make the difference in getting units rented more quickly. With a high number of vacancies on the market, many people are taking their time to find the right place, often desiring an improved home. Whenever possible, owners should focus on small in-unit upgrades, as well as improved building amenities. Adding conveniences to properties can help them stand out or even keep up with new competition. App/card-based laundry machines, security cameras, and remote-access intercom systems are all frequent requests.

Anything an owner can do to improve the renter experience will benefit their vacancy rate overall.

Nikki Resch can be reached at nikki@ gaetanirealestate.com.