Photo: Brad Coy/Flickr
San Franciso remains the most expensive city in the nation for one- and two-bedroom apartment rentals. According to Zumper’s September markert report, the city broke records with a new median monthly rental price of $3,620 for one-bedroom apartments, and $5,000 for two-bedroom apartments. Other Bay Area cities also saw significant price growth, especially in the two-bedroom apartment segment.
San Jose held rank as the fourth most expensive city in the US for a one-bedroom apartment ($2,270 median monthly price), while Oakland came in sixth ($2,080). For the second month in a row, Oakland experienced the highest year-over-year price increase (26.1 percent) for one-bedroom apartments of all cities studied in the report. San Jose experienced a 19.5 percent increase and San Francisco’s median price jumped 13.1 percent.
Within the top 10 largest cities for two-bedroom median monthly rental rates, the trio of Bay Area cities had the greatest increases from September 2014 to September 2015; San Jose at 20.3 percent, San Francisco at 19 percent, and Oakland at 18.2 percent.
Broken down by neighborhood, in San Francisco, the Financial District continues to top the charts as the most expensive neighborhood for one-bedroom apartments with a median monthly rental price of $4,270. The Financial District experienced a 2.2 percent increase from August to September, while the majority of the top 10 expensive neighborhoods saw a decrease. Dogpatch/Mission Bay continues to stay in second place at $3,900, and Pac Heights makes it back in third at $3,850 per month. SoMa dropped from third to seventh on the list of the most expensive neighborhoods in San Francisco from the previous month.
Data from the Zumper report is based on one-bedroom market rental rates for apartments only, and does not include all market rents in a given area. To view the full report, click here.