SAN FRANCISCO (CBS SF) – Already known for outrageously high rents, the monthly rent in San Francisco has just hit a whole new level.

According to the latest report from rental website Zumper, the median rent for a one bedroom has reached $3,690, up from $3,580 in January and breaking the previous record of $3,650 set last September.

San Francisco’s median, the highest in the nation, is about 30 percent higher for a one bedroom in New York City, and more than double the rent in Miami.

• ALSO READ: Some Bay Area Communities Centuries Away From Meeting Housing Goals

The rental website noted that rents were rising before several tech companies are expected to file IPOs this year.

“Though there may be a ton of cash flowing through the city and surrounding areas soon, many of these workers will not immediately invest in a home and may, instead, take their money to both travel and upgrade their rental situation,” the website said.

Elsewhere in the Bay Area, San Jose’s median rent for a one-bedroom was $2,540 (5th highest in the country), while in Oakland it was $2,320 (9th highest).

Connie Garske, an executive search recruiter for Silicon Valley companies, rents an 800 square-foot home in Pleasanton. Garkse says even she has explored moving out of the Bay Area just to keep up with rising costs.

“I could even bump up the size of this place and move to the beach and have the kind of lifestyle, for less rent and easier lifestyle, “ said Garske.

Meanwhile, the median rent for a two bedroom in San Francisco is a staggering $4,630 a month.

Mountain View’s median rent for a one bedroom apartment is $3,450 a month. Emeryville’s is $3,050, Milpitas is $2,800 and San Jose is $2,500.

According to Zumper, Redwood City had the fastest growing rent, increasing 15.5 percent since 2018. Palo Alto followed closely behind, with rent climbing 15.3 percent. Oakland came in third place after it saw a rent increase of 12.9 percent since 2018.

Highest One Bedroom Median Rent Prices (Bay Area Locations in bold):

  1. San Francisco ($3,690 / month)
  2. Mountain View ($3,450)
  3. Emeryville ($3,050)
  4. New York City ($2,870)
  5. Milpitas (2,800)
  6. San Jose ($2,540)
  7. Boston ($2,390)
  8. Los Angeles ($2,330)
  9. Oakland ($2,320)
  10. Washington, DC ($2,150)
  11. Seattle ($1,970)
  12. San Diego ($1,910)
  13. Miami ($1,790)

Comments (48)
    1. captainino says:

      you must not be from around here if that’s what you think the cause is…

  1. David Woolsey says:

    But that rent includes the world’s largest outdoor toilet right outside your door.

  2. Shayne Nelson says:

    What ever happened to rent control? Looks as if none of these cities have any, and it looks as if they all need it

    1. COCEA says:

      San Francisco does have rent control. Looks like it’s working so well.

      1. This is a result of rent control. It happens wherever it’s instituted. Next major housing disaster? Oregon. Democrats never learn.

    2. captainino says:

      California has Costa Hawkins, which prevent cities from making their own rules about rent control. It bans vacancy control and rent control on any houses, condos, and apartments built after 1979. That is why rent is so high, not because of rent control, but because of arbitrary and outdated limits on rent control. If only prop 10 would have passed…

  3. Fasdf Fasdf says:

    This is capitalism at work!! Supply vs. demand! Don’t like it? Move! Build! Do anything but whine….

    1. COCEA says:

      You obviously don’t live in San Francisco. Developers have been stopped from building new units or building vertically for decades now. Rent control. Restricted government lottery for condo conversions. This is government control at work, not capitalism.

      https://reason.com/reasontv/2018/12/27/san-francisco-mission-housing-crisis

  4. Salem Cat says:

    OVERPOPULATION

  5. Andy Johnson says:

    Past a point already reached, it no longer matters what people charge for rent; most can’t afford it. Aside from that, California, and particularly San Francisco, is at the very bottom of the list of preferred places to live in my book. Praise be to God that I need not live there.

  6. Paully Revere says:

    Fair price considering they supply free ‘poop bags’ to everyone.