Yesterday we brought word that the median rental rate for a one-bedroom in San Francisco has climbed to $3,200/month, up from $2,813 in January and $2,713 in August 2013. Now the real estate website Zumper has released its September report zeroing in on the rental prices of five major cities. And whaddaya know, San Francisco's one-bedroom median tops New York's, for the second month in a row. (August marked the first time SF pulled ahead of New York, by Zumper's count.) New York's citywide median for a one-bedroom in September was $2,950. How very retro of them!
Zumper's data applies to rentals advertised during the month of September; because the site vets their listings, there aren't any duplicates or bait-and-switches artificially lowering the median. Then again, neither are there existing tenants who continue to pay rent without moving. So the data really reflects what you might expect to pay if you moved, say, three weeks ago, rather than a citywide average of everyone's rent.
As a much bigger, more populous city, New York has a lot of outlying neighborhoods that can bring their overall median below SF's. But when it comes to the prices of one-bedrooms in individual neighborhoods, Manhattan still wins hands-down, and Brooklyn comes in third. New York's Flatiron District ($4,200), Tribeca ($4,195), and DUMBO ($4,040) best SF's Russian Hill and South Beach, which come in at $4,000 and $3,995, respectively. Pac Heights is holding down the fort at No. 13 with a median of $3,600, still well above the citywide average of $3,200.
· Mapping the Median Rent of a One-Bedroom in San Francisco [Curbed SF]
· September 2014 Rent Report [Zumper]
· Yikes, Are San Francisco's Rents Closing In on New York's? [Curbed SF]