What a fun map!
Last June, real estate website startup Zumper put median one-bedroom rents in San Francisco at $3,500, which was up from $3,200 in 2014. Now they're at $3,590, Zumper says, a small, 2.6 percent increase all these months later. For two bedrooms, a median rental price is currently $4,870, up 3.8 percent and keep in mind that this pertains only to rental listings on their site, which tend to be higher end and in larger buildings.
"Though up," the site observes, "prices remain below the peak seen at the end of summer 2015."
The rental market is definitely softening as we head into spring, and after many hundreds of newly built units came onto the market in the last six months. As the Business Times reported earlier this week, leasing agents at some of those new buildings are already showing their hand a bit as the market shifts and offering incentives to new renters like one month free, and free parking.
"While every neighborhood in San Francisco is expensive relative to other metros in the U.S., the highest priced areas in the city all share particular attributes," Zumper's head of strategic marketing, Devin O'Brien, told the Business Times.
Parsing those, O'Brien adds that "Much of the new construction in South Beach, Mission Bay and the Financial District boast views and in-house amenities leading to higher prices." South Beach topped the list as the most expensive median one-bedroom neighborhood of them all, per Zumper.
And for the national perspective: We've done it again, San Franciscans! Zumper puts us down as the most expensive market in the country for one bedroom apartments. Hot on our heels, Oakland was number four.
Sometimes, there's nothing to say about rental prices in San Francisco that hasn't already been said about our hills. They're fucking steep.
