The last time I visited SF, I saw an awful lot of new construction. Even though I'm aware that it's unquestionably a landlord's market over there these days, there has always been a sizable spread between what modern/new stuff rents for and what the older stock rents for. I'd really have to see a distribution of years since construction/last major remodel, to really believe any data like this. To lump it all together seems naive to me.
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