The Changing Landscape of the City
Long time San Francisco residents will notice something strange in the above charts: historically inexpensive neighborhoods, especially downtown and the surrounding areas, are now some of the most expensive...Over the past year, rents have continued to increase, but not uniformly. Asking rents have increased tremendously downtown, mid-market, and in the southern part of the city that offers the shortest commutes to the South Bay.
Our friends at Priceonomics are tracking just how hot the SF rental market is. They are calling it a rent explosion! Below are the updated averages for a 1bd in the City by the Bay, broken down by neighborhood and year-over-year.
Wall Street Journal says:
Rent growth exceeded 6% over the past year in San Francisco, San Jose and Seattle....But household incomes have stagnated, resulting in a financial squeeze for a growing number of renters.
Zumper crunched their numbers and found the rental increases weren't city wide since January 2013! Marina, SOMA, Dogpatch, Bernal Heights saw highest gains. But some places went down, contrary to popular belief.
Modern Luxury breaks down the cheapest and priciest rents around San Francisco: "According to a simple linear regression we ran, for every mile that you move away from San Francisco, you save $17 a month on rent."
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