According to a rental market report by rental website Lovely, despite a slight decline from previous quarters, the San Francisco median rent price of $3,200 for Q1 2014 is still approximately 8 percent higher than this time last year. Though higher, the rate at which median rent prices rose year over year has slowed compared to the percentage increase from Q4 2012 to Q4 2013, which was almost double at 15 percent. As expected, San Jose and Oakland also saw increases. San Jose had a median rental rate of $2,225, with Oakland at $1,695. Both cities have seen a more significant 18 percent increase year over year compared to Q1 in 2013.
Studio apartments saw the most dramatic increase in median rental rates. One bedrooms went from $2,700 in Q1 2013 to $2,775 in Q1 2014; two bedrooms went from $3,675 in Q1 2013 to $3,795 in Q1 2014. Studios, with a median of $2,200 this quarter, have experienced a 17 percent increase. According the the report, "It is in renters' best interest in San Francisco to try to search for an apartment with roommates to help subsidize your portion of the steep rent," and then goes on to explain that the median price per bedroom of a two bedroom listing in the city is $1,898, which tells us that living with one roommate would offer 32 percent in savings.
"Among the least expensive neighborhoods in San Francisco in Q1 2014 was Visitacion Valley, which had a median rent price that was 37.5 percent lower than the citywide average at $2,000 and actually decreased 2.64 percent year over year."
As expected, the most expensive neighborhoods in the first quarter of 2014 were South Beach and Telegraph Hill, which were both 15.79 percent above the citywide median of $3,200. Other neighobrhoods include Pacific Heights and Noe Valley.
Here are the San Francisco neighborhoods below the citywide median:
And the San Francisco neighborhoods above the citywide median:
· Lovely [Official website]