As one of the hottest real estate markets in the nation, it’s no surprise that San Francisco’s $3,500 median price for a one-bedroom apartment topped the list of the 50 largest US cities in July, according to Zumper’s latest report.
New York ranked second at $3,100, directly across the bay Oakland ranked sixth at $1,980, and Los Angeles rolled in ninth on the list at $1,750 median price for a one-bedroom apartment.
In San Francisco, the median rental price for a one-bedroom apartment increased nearly 13 percent year-over-year in July. Zumper’s report is based on one-bedroom market rental rates for apartments only, and does not reflect all market rents in a given locality.
Broken down by neighborhoods, the three most expensive areas for rent in San Francisco were FiDi at $4,100, Pac Heights at $4,000, and SoMa at $3,920.
Photo: Berendt Properties
Just listed in the past week, the Pac Heights apartment pictured above was built in 1927 with the asking rate of $4,995 a month, nearly 25 percent above the median price for the neighborhood. The approximately 900-square-foot apartment is located near the Fillmore and Jackson corridor.
“For a well maintained 1920s trophy apartment with a bay view, people are willing to pay a ridiculous premium north of $5,000,” says San Francisco real estate broker Craig Berendt.
In Los Angeles, the top three ranked neighborhoods are located in the Westside and adjacent coastal areas. Downtown Santa Monica ranked number one with a $3,240 one-bedroom median price, followed by Ocean Park at $2,950, and Venice at $2,600.
Sky high rents may detour some from ever venturing towards the West Coast, but there are affordable pockets in the country. For example, if Dorothy wished to go back home in Kansas today, she might find the City of Witchita welcoming with its much more affordable median rental price of $470 for a one-bedroom apartment (ranked 50th on the list).