The "real estate is crazy" angle is getting tired, I know. And remember how a few months ago we were saying, "Oh, maybe there's no real reason to panic about rents?" Well, we're now in the second straight month of beating out New York City in the category of most expensive median one-bedroom rental, clocking in at $3,200 for September. That's right. Median. Right in the middle. Meaning half the one-bedroom rentals in S.F. are actually now more than $3,200.
As Curbed reports, this figure is up from $2,813 in January, and up from $2,713 in August 2013.
Median one-bedrooms in New York these days: $2,950.
According to Zumper, August marked the first time this median figure pulled ahead of New York, perhaps since ever. Since the Gold Rush. Anyway, it shows no sign of slowing.
Three neighborhoods in New York still lay claim to the highest median one-bedroom rents: Flatiron, DUMBO, and Tribeca, all north of $4,000 a month. But Russian Hill and South Beach aren't far behind, and Pac Heights and the Marina both clock in at about $3,600.
To be clear, this data pertains newly listed rentals advertised in the month of September, and therefore it doesn't accurately reflect what the majority of us are necessarily paying. But it is a telling figure and one that shows that new units coming on the market are not lowering rates in that supply-and-demand theory that everyone likes to talk about in the housing crisis. Oh, and as far as home sales goes, SFGate is reporting on a new study that says Austin is more overvalued, as a market.
This is looking better every day. Sorry, everyone.