Ready for another depressing rent story? Rental prices in San Francisco have been chasing New York prices for quite a while, and according to a new compilation from rental website Zumper the two are now locked in a neck-and-neck race. By Zumper's count, San Francisco has come out on top for the first time with a median price for a one-bedroom apartment at $3,100, compared with New York's $2,995. The data was drawn from listings on Zumper during the month of August. San Francisco also topped the ranks in the two-bedroom category, with a price of $4,050 compared with New York's $3,495. However, New York remained the highest-priced rental market when measured by median price per bedroom, a metric that takes into account apartments ranging from studios to apartments with more than four bedrooms.
New York still has the three most expensive neighborhoods in the nation: Tribeca, DUMBO, and the Flatiron District. But Russian Hill is ready to vie for the title, with one-bedrooms priced at $4,200—a hair behind Tribeca's $4,250. Two-bedrooms in Russian Hill, however, are only $4,595 next to Tribeca's whopping $6,500. Other pricey San Francisco neighborhoods include South Beach ($3,800 for a one-bedroom), the Marina ($3,650 for a one-bedroom), and Pacific Heights ($3,600 for a one bedroom).
There's no question that these figures and San Francisco's ascension to New York-level prices are terrifying. However, this compilation is only of the 500,000 apartments across the country listed on Zumper during the month of August. So we're not ready to declare San Francisco the clear winner (or loser?) quite yet.
· Zumper Monthly Rent Report - August 2014 [Zumper Blog]