San Francisco rental prices dropped for the fifth consecutive month in November, says Zumper’s latest National Rent Report. Even so, the city still had the highest median one-bedroom rent in the country, while Oakland and San Jose, per usual, were not far behind and were both in the top five for the month.
Median one-bedroom rent in San Francisco came to $3,330 last month, while for a two bedroom rent was $4,500 — those prices are down 4.9 percent and 6.8 percent year-over-year, respectively. Second-place New York came close to overtaking the city’s top spot with a median average one-bedroom rent of $3,000. Boston was third at $2,240.
Oakland and San Jose tied for fourth place with median one-bedroom rent of $2,200. For Oakland that’s flat from October, while for San Jose it’s a fall of 0.5 percent. The two cities have been flipping between fourth and fifth place for months.
All in all, it’s clear that while the Bay Area remains an incredibly hot rental housing market, San Francisco seems to be cooling, at least a little. Even so, developers continue to build luxury skyscrapers, including the Oceanwide Center, soon to be the second-tallest building in the city. The worry that follows, of course, is whether supply will overtake demand.