When the news came in from rental website Zumper that San Francisco had hit yet another new high point for median one-bedroom rental prices, it was hardly surprising. But a new Zumper map that breaks down the median rents in August by neighborhood is especially depressing for tenants. There is hardly a neighborhood in the city where a one-bedroom can be found for under $3,000 anymore, and many neighborhoods are starting to edge closer to $4,000 as the new norm. Even three months ago, in Zumper's last quarterly rental map, there was still a "2" at the front of prices in places like Haight Ashbury and NoPa. In just three months, median rents have gone up hundreds of dollars in neighborhoods all around town.
Neighborhoods like the Lower Haight, North Beach, and the Outer Richmond saw the biggest jumps, with those first two districts each up more than $400 and the Outer Richmond up $325. Meanwhile, the Mission, the Castro, and the Terndoin all got some relief, with drops of a couple of hundred dollars each. Some of these fluctuations could be due to available inventory on Zumper in recent months, because the company's data is drawn solely from listings on its site. Bayview, a neighborhood that saw a wacky fluctuation up to $3,210 last quarter thanks to some new luxury inventory on the market, reverted back to a more expected $2,100 this time around.
Despite the neighborhood-by-neighborhood movement, rents weren't hugely up last quarter. The increase for a median one-bedroom citywide from $3,500 in May to $3,530 in August represents an increase of less than 1 percent. Are things finally starting to plateau?
· San Francisco's Median Rent Hits Yet Another New High [Curbed SF]
· San Francisco Rent Prices Hit A New Record This August [Zumper]
· Mapping the Cheapest and Most Expensive Places to Rent in San Francisco Right Now [Curbed SF]