Photo: Nan Palermo/Flickr
San Francisco continues its reign as the most expensive city in the US for one- and two-bedroom apartment rentals.
According to Zumper’s latest report, the City by the Bay set a new record with a median monthly rental price of $3,670 for one-bedroom apartments in October, up 1.4 percent from the previous month. San Francisco’s median price for a two-bedroom apartment held steady at $5,000.
San Jose held rank as the fourth most expensive city for one-bedroom apartment rentals despite seeing its median monthly price decline four percent month-over-month to $2,180.
There was some shuffling within the top 10 most expensive rental markets in the US as two California climbed the rankings. With a 3.8 percent price gain from the previous month, Oakland leapfrogged Washington, DC to become the fifth most expensive one-bedroom apartment rental market with a new median price of $2,160. Meanwhile, Los Angeles surpassed Miami and now ranks as the eighth most expensive city with a $1,940 monthly median price, up 5.4 percent month-over-month.
On the local level in San Francisco, the Financial District remained the city’s most expensive neighborhood for one-bedroom apartment rentals as the median price climbed 2.8 percent month-over-month to $4,390. Dogpatch/Mission Bay saw it’s monthly median one-bedroom rental price dip 0.3 percent to $3,890, putting it in a tie for the city’s second most expensive neighborhood with Russian Hill, which saw its monthly median price climb 3.7 percent to $3,890. Potrero Hill experienced a 1.1 percent price increase to $3,780, and Pac Heights slipped to the fifth most expensive neighborhood for one-bedroom apartments in San Francisco.
Data from the Zumper report is based on one-bedroom and two-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.