Zumper, the rental website that regularly brings you maps of the terrifying rental medians by San Francisco neighborhood, has released a new and hopefully calm-inducing map of how much median rents have either decreased or increased by neighborhood in the past year. To start, big price increases of 20 percent only happened in three major neighborhoods: SoMa, Bernal Heights, and the Marina. Being that SoMa's home to the city's thriving tech scene, that increase seems understandable. Same goes for Bernal, which has been crowned The Hottest Neighborhood of 2014. The Marina? Well, people just seem to really like the Marina. There are also plenty of high-end single-family homes for rent, as opposed to crappy tiny studios.
And yes, those shades of blue that are sprinkled over the map represent a decrease in median rents. There were 10 percent drops in both the FiDi and the Tenderloin, or what the realtors like to call "Downtown."
Zumper's team also tells us that "multiple factors are causing the changes, but only 1 is being discussed (Tech)." Tech driving up prices seems to be confined to a specific number of areas, and is not widespread. "Yes, tech is driving demand and prices for apartments, but only in specific neighborhoods," Zumper Co-founder and COO Taylor Glass-Moore told Business Insider. "A lot of focus is placed on SOMA or the Mission where a lot of tech workers have moved, but that's not representative of the city as a whole. There are plenty of neighborhoods where people aren't wearing Google Glass and jumping into a Google shuttle." Other factors include the dramatic increase of luxury apartments that are popping up all over the city, including 38 Dolores and Venn on Market Street, which have 1-bedroom rentals starting at $2900.
· This Map Shows Why People Should Stop Freaking Out About Rent Prices In San Francisco [Business Insider]
· Zumper [Official website]
· The Median Rental Rate of 1- and 2-Bedroom Apartments by Neighborhood [Curbed SF]
· Hottest Neighborhoods of 2014 [Redfin]
· Venn on Market Releases Leasing Info, Slew of Floor Plans [Curbed SF]
· Floor Plans and Pricing for Luxury Rental Building 38 Dolores [Curbed SF]