It's time again for the monthly rental report from rental website Zumper. These reports have put fear into the hearts of San Franciscans for years as rents soared higher and higher every month, but lately they've been a bit less terrifying. Rents peaked at a median of $3,670 for a one-bedroom in October, then fell in November and December to land at $3,490. In January, they were back up, but only by a measly $10 to settle at $3,500 again.
In the past year, the median one-bedroom rent in San Francisco has risen just 2.6 percent, and the median two-bedroom is up just 0.9 percent. It currently sits at $4,730. Of course, San Francisco is still the most expensive city in the country, followed by New York at $3,220 for a one-bedroom and Boston at $2,340. San Jose edged back ahead of Boston into the fifth spot, while Oakland's median rent for a one-bed rose slightly to land at $2,210. Both cities are way up from the same time last year. Oakland's rents are 17 percent of where they were last January, while San Jose has risen 19.5 percent.
South Beach became the most expensive neighborhood in the city with one-bedroom rentals in January, taking over the top spot for the first time with a median price of $3,930. The Financial District and SoMa followed, with Russian Hill in fourth. No neighborhoods saw big monthly jumps in January, and many saw slight decreases in their month-to-month rents.
As always, the report analyzes asking rents on market-rate apartments in Zumper's database during the month analyzed. Therefore, it does not reflect an average of what all San Franciscans are paying, but represents a snapshot of the kinds of prices apartment seekers looking on Zumper were seeing.
· National Rent Report: February 2016 [Zumper]
· Whoa! SF's Median Rent Fell for the Second Straight Month [Curbed SF]