Apartment construction in San Francisco is on the verge of a significant spike, with 22,000 residential units in various stages of approval and construction.
The need for housing has become pressing as the technology industry expands in the metro area, according to the San Francisco Chronicle. City planning director John Rahaim told the news source that many units have been approved over the last four years, but lacked the financing for construction to continue.
Approximately 1,710 units have been built per year since 2008, down from a prior annual average closer to 2,220 from 2004 until that year. More than 1,300 units received permits last year, with applications pending for more than $1.5 billion worth of additional construction, according to the news source.
The new units will exhibit a significant price range, but the news source notes that supply has been relatively static while demand has exploded abruptly, leading to a scramble as industry stakeholders attempt to complete their projects and court these potential residents.
Rental property management firms can aid landlords in the metro area by providing services such as online leasing, which may appeal to residents and owners alike due to the convenience.