San Francisco sees an astronomical rise in rent since last year: new report
San Fran renters are getting walloped by a staggering surge in housing costs, with apartment prices soaring to record-breaking new highs, according to a new report.A new analysis from Zumper released Monday found rents for one-bedroom and two-bedroom apartments have skyrocketed 21.9% and 22.6% year over year, respectively.The median rent for a two-bedroom apartment has ballooned to $5,700 a month — nearly double what renters pay for a comparable unit in San Diego.Even a one-bedroom now carries a staggering median price tag of $4,060 a month, almost twice the cost of a similar apartment in Los Angeles.“San Francisco rent growth is on another planet compared to the rest of the country,” San Francisco real estate agent Rohin Dhar said about the data.Desperation from San Francisco residents for affordable housing has prompted landlords to take advantage.A $750-per-month “apartment” in North Beach was listed on Zillow, though it’s no more than a tiny box with a shared bathroom, no kitchen and no sink.The apartment is just 64 square feet.
A different apartment in the same building priced at $800 a month is a paltry 70 square feet.San Francisco is known for having a particularly expensive housing market due to high incomes and limited supply in the area.The market is one of the most competitive in the country.Other Bay Area cities like Oakland and San Jose also saw rent increases, but nothing close to San Fran’s.Oakland saw median one-bedroom rents rise 6.2% and two-bedroom rents went up 2.4% year-over-year.
San Jose’s median one-bedroom rents rose 2.6%, and two-bedrooms went up 3.8% year-over-year.Zumper’s top executive pointed out that constrained supply in certain major cities is driving an “aggressive” rent rise.“The biggest story in housing is still supply,” Zumper CEO Shawn Mullahy said in a statement.“The national average hides what’s really happening: rent trends are diverging sharply by market, and the common denominator is invento...