Rent prices in San Francisco have again reached a new peak. Prices for a one bedroom this August rose 0.9% to $3,530, as the city remained the most expensive rental market in the United States.
Rents remain unique in a number of ways. First, the vast majority of San Francisco remains expensive. Whereas in New York, deals can be had in places such as the Lower East Side and Harlem, few neighborhoods exist in San Francisco at affordable prices. In fact, 28 out of the 54 neighborhoods we delineate in San Francisco were priced above $3,000 for a one bedroom. Second, our National Rent Report for September further describes the prominence of San Francisco and the rest of the Bay Area in terms of rents. A ripple effect is occurring, as high prices have creeped further east and south from the city limits. San Jose was the fourth most expensive market in the country at a one bedroom of $2,220, while Oakland came in sixth at $2,030.
Taking a closer look at our neighborhood map, prices were highest across much of the northern and eastern parts of the city. The most expensive neighborhoods to rent in August included the Financial District ($4,180), Mission Bay ($3,970), and Soma ($3,890). Cheaper neighborhoods were the Tenderloin ($2,190), Bayview ($2,100), and the Outer Sunset ($2,500).
If you’re interested in seeing how SF stacks up to the rest of the United States, view our National Rent Report for September, which analyzes over 1 million active listings available in the prior month.
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