Census Data Confirms San Francisco, San Jose Have Highest Median Rents
SAN FRANCISCO (KCBS) — New data from the U.S. Census Bureau confirms what nearly all of San Francisco’s renters know. The City by the Bay has the highest median rents among the country’s largest cities.
Susan Morris, a rental agent with McGuire Real Estate, said it’s not at all unusual to see rents of $3,200 a month for a one bedroom in Pacific Heights. She said it’s even higher for a one-bedroom loft in the South Beach area of San Francisco.
According to Census data from 2010 through 2012, San Francisco’s median rent is at $1,463 a month. The amount is higher than any other large U.S. city, including New York City. San Jose has the second highest median rent.
Sarah Karlinsky with San Francisco Planning and Urban Research (SPUR), a public policy-think tank, had some ideas on what can be done.
“I think the first step is to think both in San Francisco and regionally about increasing the housing supply. That’s number one. Number two, is to get innovative ways of producing affordable housing,” she said.
Karlinsky said the Bay Area historically has under-produced housing, and the current hot job market simply is producing significantly higher demand than supply.
(Copyright 2013 by CBS San Francisco. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed.)