The median asking rent for a one-bedroom in San Francisco rose to $3,460 in February, beating out New York's median of $3,000, according to rental website Zumper's latest rent report. Zumper's monthly reports tally the median asking rents for all the listings on Zumper's site during the prior month—meaning they're not a measure of what all San Franciscans are paying, but they do give a snapshot of the prices apartment hunters who went looking during the month of February were seeing. New York's citywide median—which includes Brooklyn, the Bronx, Queens, and Staten Island—stands at a (comparatively!) low $3,000. Manhattan rents, however, still kill San Francisco's, thank god.
Once again, Russian Hill commanded the highest rents in SF, with a median list price of $3,830 for a one-bedroom. New York's Tribeca, by contrast, still won (lost?) out, coming in at $4,300. Before full-on schadenfreude sets in, though, do recall that the Bay Area currently leads the nation in annual rent growth.
Russian Hill's median has actually fallen 4.3 percent since January, down from $4,000. The neighborhood that saw the biggest price jump for a one-bedroom rental was Noe Valley ($3,500), with an increase of $300, or 9.4 percent. The neighborhood with the biggest quarter-over-quarter increase for a one-bedroom was the Castro (also $3,500), up 13.6 percent. Among two-bedrooms, West of Twin Peaks saw the highest jump over last month, with a median standing at $3,920, an 8.2 percent increase since January.
One caveat: The month-to-month price changes Zumper tracks are not synonymous with changes in absolute value, since the apartments listed for rent in February are not necessarily the same units that were offered in January—making meaningful comparisons between the two months difficult. But the numbers do give some indication of the going rate for a one- or two-bedroom across all neighborhoods, which is something we track, you know, kind of obsessively.
· Zumper [Official Site]
· Zumper National Rent Report: February 2015 [Zumper]
· Yikes, the Bay Area Leads the Nation in Annual Rent Growth [Curbed SF]
· Curbed Comparisons Archives [Curbed SF]