Halloween may be over, but it's that time of month again when the truly scary occurs: rental website Zumper releases its monthly rent report update. Last month, we were stunned to hear that the median price for a two-bedroom had officially hit $5,000. This month, that figure did not change, but there was another rise in the median rent of a one-bedroom, which now sits at a record $3,670 according to Zumper's figures. That's up nearly a percent and a half over last month's $3,620 and, of course, keeps San Francisco firmly on top of the list of the country's most expensive rental markets.
San Francisco's rents are still clearly on top, but big rent increases are are national phenomenon in the country's major cities right now. Boston saw a 4.3 percent month-over-month increase in its median one-bedroom rent, Chicago had a 3 percent rise, and Los Angeles jumped 5.4 percent. And over in Oakland, the median one-bedroom rent jumped 3.8 percent, pushing that city ahead of Washington, D.C. and into the fifth most expensive spot in the country.
San Francisco now has 29 neighborhoods with one bedroom median rents above $3,000 per month (so, basically, almost everywhere). The Financial District continued to sit on top with a median price of $4,390, and Mission Bay/Dogpatch tied with Russian Hill for second place at $3,890. In the Financial District, two-bedrooms units hit a median price of $6,350.
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.
· National Rent Report: November 2015 [Zumper]
· The Median Rent for an SF Two-Bedroom Hits $5,000/Month [Curbed SF]
· Zumper [Official Site]