It's that time of month again when rental website Zumper puts out their monthly rent report and dashes San Franciscans' dreams of ever being able to move again. The new median rental price for a one-bedroom in the city is $3,620, up $90 in just one month. That price is also up 13 percent over last year's mark. As Zumper points out, the even bigger increase has been in two-bedroom rents, which hit a $5,000 median for the first time this month and are up 19 percent in a year. San Francisco remains, of course, the most expensive city in the country for rents.
Although San Francisco's median rent for a one-bedroom is exceptionally high, there are actually only eight neighborhoods at or above that median. The most expensive neighborhood is the Financial District, with a $4,270 per month median rent for a one-bed. It is followed by Mission Bay/Dogpatch at $3,900 and Pacific Heights at $3,850. South Beach, Russian Hill, Potrero Hill, SoMa, and the Marina also sit above the median rent. And while the NoMad and Flatiron neighborhoods in New York are still more expensive than any neighborhood in San Francisco, the Financial District now has the same median one-bedroom rent as Tribeca, which used to sit far above any San Francisco spot.
As always, the report analyzes asking rents on market-rate apartments in Zumper's database during the month of June. Therefore, it does not reflect an average of what all San Franciscans are paying but represents a snapshot of the kinds of prices apartment seekers in August were seeing.
· Zumper [Official Site]
· National Rent Report October [Zumper]
· San Francisco's Median Rent Hits Yet Another New High [Curbed SF]