The rental site Zumper issued another neighborhood rent maps today, estimating the median rent on a one-bedroom apartment across the San Francisco landscape for the summer.
The median rent for a one-bed in San Francisco is $3,370. But the numbers differ when we get granular.
This same time last year the site estimated that the city’s most well-heeled new renters in places like South Beach, Pac Heights, Russian Hill, and the Financial District would have to pay up to $3,860/month just to hang their hats in those neighborhoods.
Meanwhile, the cheapest rents around town (at least according to Zumper) were in the https://sf.curbed.com/neighborhood/1631/outer-richmond, Tenderloin, and Bayview, where prices dipped as low as $2,010/month.
All told, no surprises. The
Twelve months later, market rent prices on new leases have fallen citywide, particularly in those big-ticket neighborhoods: One bedroom in South Beach (still the priciest of the lot) is $3,720/month on the latest map. In Pac Heights and Russian Hill it’s $3,600, and in $3,580/month in the FiDi.
Those are still ridiculous sums of money, of course. But consider that two years ago, Zumper’s metrics suggested that an apartment in the Financial District was pushing nearly four grand on average. Mission Bay clocked in at over $3,900/month back then too; now it’s $3,490/month.
All told, things could be worse. In fact, very recently they were.
Anyone on the hunt for bad news can check out Bayview, though. While the $2,600/month recorded on the newest map is a considerable discount from June 2015’s $3,210/month, it’s still up $200 from this same time in 2016.
Also popping up a bit is is the Tenderloin, up to $2,495/month from $2,250 last year and flat with 2015. Lakeshore, the Outer Sunset, and Outer Richmond are all up compared to previous years, clocking in at $2,675, $2,500, and $2,490 respectively.
Even the Excelsior, consistently and still the most affordable neighborhood citywide, hasn’t been able to hold things down, jumping from $2,000/month in 2015 to a modest $2,010 last year but now all the way up to $2,200/month.
For perspective, that’s more money than the entire citywide median for every non-San Francisco city in the US except for San Jose and New York, according to Zumper’s last nationwide rent report.
If it’s any consolation, prices on Zumper tend to trend high because their sample size skews toward new luxury housing, so these figures might be a bit inflated and are limited by the Zumper platform itself.
Still, the trend compared to its own numbers in previous years remains consistent: Renters are getting squeezed out of the ritzy neighborhoods, finding solace in the cheaper ones, and prices react accordingly.