Since vacancy decontrol began in 1999, rent controlled units reset to market rate whenever they are newly leased. In 2021, there was robust rental activity as 3,693 units entered new leases and median initial rent rates were significantly lower than those in 2020. 

The average price drop was most pronounced for rent controlled units of three or more bedrooms, which fell by more than 13 percent from a $4,600 median initial rent in 2020 to a $3,995 median initial rent in 2021. 

Read More: https://www.smdp.com/new-rent-control-leases-saw-dramatic-price-decline-in-2021/216871