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.
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):
- San Francisco ($3,690 / month)
- Mountain View ($3,450)
- Emeryville ($3,050)
- New York City ($2,870)
- Milpitas (2,800)
- San Jose ($2,540)
- Boston ($2,390)
- Los Angeles ($2,330)
- Oakland ($2,320)
- Washington, DC ($2,150)
- Seattle ($1,970)
- San Diego ($1,910)
- Miami ($1,790)