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.

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Kelsi Maree Borland

Kelsi Maree Borland is a freelance journalist and magazine writer based in Los Angeles, California. For more than 5 years, she has extensively reported on the commercial real estate industry, covering major deals across all commercial asset classes, investment strategy and capital markets trends, market commentary, economic trends and new technologies disrupting and revolutionizing the industry. Her work appears daily on GlobeSt.com and regularly in Real Estate Forum Magazine. As a magazine writer, she covers lifestyle and travel trends. Her work has appeared in Angeleno, Los Angeles Magazine, Travel and Leisure and more.