San Francisco's rents have risen 12.9 percent in the past year and continue to lead the country with a median price of $3,500 for a one-bedroom, according to the the newest report from rental website Zumper looking at prices for July. But those rent rises are nothing compared to our East Bay neighbor Oakland, which topped the nation with a 20% rent increase over the past year to hit $1,980 median rent for a one-bedroom. Other cities with big rent rises over the past year included Austin, with a 17 percent jump, Kansas City, with a 16.7 percent increase, and Sacramento and San Jose, with 15.4 percent and 14.9 percent respective rises.
Although San Francisco's rent rises weren't the largest in the country over the past year, that doesn't mean that any other city is even close to catching up. New York is still second with a median one-bedroom price of $3,100, and its rents rose just 3.3% last year. Boston comes in third at $2,250, and rents there were flat.
And while San Francisco doesn't have any neighborhoods as expensive as New York's NoMad or Flatiron District, the Financial District and Pacific Heights both topped $4,000 medians for one-bedrooms in July. Both neighborhoods experienced price rises of more than nine percent over the past quarter. They were followed by SoMa, at $3,920 for a one-bedroom, Mission Bay/Dogpatch at $3,780, and South Beach at $3,760.
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 instead a snapshot of the kinds of prices apartment seekers in June were seeing.
· National Rent Report: August 2015 [Zumper]
· Zumper [Official Site]