The latest rental prices from real estate website Zumper are in, and they confirm that the rents in the city just keep going up. According to Zumper's latest monthly rental report, San Francisco's median asking rent for a one-bedroom in May was $3,500, which is 1.2 percent higher than April's figure of $3,460. (Zumper's measure of one-bedroom prices is not to be confused with Zillow's rent index, which looks at all apartment sizes, and recently estimated the median asking rent in San Francisco at $4,225.) Zumper's new figures widen the gap between San Francisco, which has the highest median asking rent in the country, and its closest competitor, New York, where rents stayed stagnant in May at $3,100 for a one-bedroom. The median rent for a two-bedroom in San Francisco was $4,680 in May, up 3.3 percent over the month before.
For the first time since we've been following the Zumper reports, Russian Hill is not the most expensive neighborhood in the city. It has fallen the whole way to the third spot, thanks to a 2.6 percent drop in one-bedroom median rent, which fell to $3,730. Russian Hill now sits behind the Financial District, where the median price for a one-bedroom in May was $3,995, and Mission Bay/Dogpatch, where a median one-bedroom cost $3,910. Both of those neighborhoods saw big monthly rent increases, with a 6.5 percent jump in the Financial District and a 5.1 percent surge in Dogpatch/Mission Bay. Zumper does note that the new luxury rentals coming up in 2015 are beginning to lead to a plateau for rentals at the very top of the market.
Rents around the entire Bay Area remained high, with San Jose taking sole ownership of the number-four spot that it shared last month with Washington, DC, and Oakland coming in sixth. San Jose now has a median one-bedroom rent of $2,120, while Oakland's sits at $1,900.
As always, Zumper's data is drawn solely from the asking rents for the listings on its site, not all available rentals in San Francisco. Therefore, it isn't a measure of what all San Franciscans are paying, but it does offer one look at prices that prospective renters in the market in May were seeing.
· Zumper [Official Site]
· Zumper National Rent Report: June 2015 [Zumper]
· National Rental Report: June 2015 [Zumper]
· San Francisco's Runaway Rents Reach An All-Time High, Again [Curbed SF]
· San Francisco's Median Rent Climbs to a Whopping $4,225 [Curbed SF]