It's time again for the ever-terrifying monthly rental report from rental website Zumper, and the news for tenants is, as always, not so good. During August, San Francisco continued its reign as the most expensive city in the country by a wide margin. The median rent for a one-bedroom, based on Zumper's listings, hit a new record high at $3,530, up 0.9 percent over the previous month and 13.9 percent over August 2014. However, San Francisco isn't alone in its big annual rent increases—fourteen cities saw double digit growth over the past year.
San Francisco's median one-bedroom rent remains well above New York's, although New York finally took a big 1.9 percent rise to $3,160 after staying steady for months. And although Oakland still sits far behind San Francisco with a median one-bedroom rent of $2,030, the East Bay city is the sixth most expensive in the country and has seen a mindboggling 23 percent rise in rents in just one year, the largest of any city.
The Financial District, Mission Bay/Dogpatch, and SoMa remained the most expensive places to live in San Francisco, with the Financial District leading the way at a median one-bedroom rental price of $4,180. Russian Hill, which long sat as the city's most expensive neighborhood, has taken a notable dive in recent months and now is in the seventh spots, with a median rent of $3,740.
And while we often focus on the rent of one-bedrooms when looking at the Zumper reports, it's really the rise in rent for two-bedrooms that stands out over the past year. The median figure is currently $4,900, which was up 3.2 percent in one month and 21 percent since last August.
As always, the report analyzes asking rents on market-rate apartments in Zumper's database during the month of June. Therefore, it doe snot reflect an average of what all San Franciscans are paying but instead a snapshot of the kinds of prices apartment seekers in August were seeing.
· Zumper [Official Site]
· National Rent Report September 2015 [Zumper]