SF Is Still the Most Expensive City in the US for New Renters
For the fifth month straight, San Francisco remained firmly on top of Zumper’s list of cities with the most expensive rent in December, according to the real estate website’s latest rental report. The median asking rent for a one-bedroom in San Francisco rose by 1.2 percent over November prices to land at $3,390.
The price was up 13.7 percent since the beginning of 2014, the year that San Francisco passed New York to become the most expensive city for prospective renters in the United States. (The data cover apartment listings advertised in December, and do not reflect rent prices for tenants who remain in their existing leases.) But New York may be making a comeback, thanks largely to price hikes in Brooklyn. The overall New York City price rose by 3.3 percent in December to a median of $3,100 for a one-bedroom.
Russian Hill remained the city’s most expensive neighborhood during December, although the median asking rent for a one-bedroom was down for the second month in a row, to $3,800. Two-bedrooms in Russian Hill saw a dramatic 12.7 percent increase, according to Zumper’s data. South Beach came in second, with Mission Bay/Dogpatch third. As usual, none of San Francisco’s neighborhoods could come close the leading neighborhoods in New York, like Tribeca or NoMad, where the rent for a one-bedroom easily tops $4,000.