According to this, Seattle rents doubled from 2010 to 2016 and have been fairly flat since then. SF seems to follow basically the same curve: up 1.5x from 2010 to 2016 then flat-ish.
Maybe I was too much on the dropping side but the article says prices had been booming like you said for a decade and 10k units were filled and then prices stabilized.
Maybe I was too much on the dropping side but the article says prices had been booming like you said for a decade and 10k units were filled and then prices stabilized.