San Francisco’s November rent sets yet another record

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  • e97fa ba1 San Franciscos November rent sets yet another record


Pacific Heights, always pricey, never pricier. This 1-BR on Baker rents for $3600. https://www.zumper.com/apartments-for-rent/11200174/1-bedroom-pacific-heights-san-francisco-ca

Image 1 of 18 – November’s median priced 1-BR in SF

Pacific Heights, always pricey, never pricier. This 1-BR on Baker rents for $3600. https://www.zumper.com/apartments-for-rent/11200174/1-bedroom-pacific-heights-san-francisco-ca

Pacific Heights, always pricey, never pricier. This 1-BR on Baker…rents for $3600….https://www.zumper.com/apartments-for-rent/11200174/1-bedroom-pacific-…heights-san-francisco-ca

Inside Baker, via Zumper.

Image 2 of 18 – November’s median priced 1-BR in SF

Inside Baker, via Zumper.

Inside Baker, via Zumper.

Kitchen at Baker, via Zumper.

Image 3 of 18 – November’s median priced 1-BR in SF

Kitchen at Baker, via Zumper.

Kitchen at Baker, via Zumper.

Private deck on Baker, via Zumper.

Image 4 of 18 – November’s median priced 1-BR in SF

Private deck on Baker, via Zumper.

Private deck on Baker, via Zumper.

1-BR, Baker, via Zumper.

Image 5 of 18 – November’s median priced 1-BR in SF

1-BR, Baker, via Zumper.

1-BR, Baker, via Zumper.

Inner-Sunset: not ncheap. This 1 BR on Funston at the Park West complex runs $3,639. https://www.zumper.com/apartment-buildings/274937/park-west-inner-sunset-san-francisco-ca

Image 6 of 18 – November’s median priced 1-BR in SF

Inner-Sunset: not ncheap. This 1 BR on Funston at the Park West complex runs $3,639. https://www.zumper.com/apartment-buildings/274937/park-west-inner-sunset-san-francisco-ca

Inner-Sunset: not ncheap. This 1 BR on Funston at the Park West…complex runs $3,639….https://www.zumper.com/apartment-buildings/274937/park-west-inner-suns…et-san-francisco-ca

Inside Park West, via Zumper.

Image 7 of 18 – November’s median priced 1-BR in SF

Inside Park West, via Zumper.

Inside Park West, via Zumper.

Inner-Sunset kitchen. via Zumper.

Image 8 of 18 – November’s median priced 1-BR in SF

Inner-Sunset kitchen. via Zumper.

Inner-Sunset kitchen. via Zumper.

White on white bedroom on Funston, via Zumper.

Image 9 of 18 – November’s median priced 1-BR in SF

White on white bedroom on Funston, via Zumper.

White on white bedroom on Funston, via Zumper.

Funston bath, via Zumper.

Image 10 of 18 – November’s median priced 1-BR in SF

Funston bath, via Zumper.

Funston bath, via Zumper.

Pool at Inner-Sunset complex, via Zumper.

Image 11 of 18 – November’s median priced 1-BR in SF

Pool at Inner-Sunset complex, via Zumper.

Pool at Inner-Sunset complex, via Zumper.

850 Powell, #107: 1 br in the landmark ‘Francesca’ building. Rent: $3,695 per month,

https://www.zumper.com/apartments-for-rent/10533743/1-bedroom-nob-hill-san-francisco-ca

Image 12 of 18 – November’s median priced 1-BR in SF

850 Powell, #107: 1 br in the landmark ‘Francesca’ building. Rent: $3,695 per month,
https://www.zumper.com/apartments-for-rent/10533743/1-bedroom-nob-hill-san-francisco-ca

850 Powell, #107: 1 br in the landmark ‘Francesca’ building….Rent: $3,695 per…month,

https://www.zumper.com/apartments-for-rent/10533743/1-bedroom-…nob-hill-san-francisco-ca

Nob Hill Lobby, via Zumper.

Image 13 of 18 – November’s median priced 1-BR in SF

Nob Hill Lobby, via Zumper.

Nob Hill Lobby, via Zumper.

Living room on
Powell via Zumper.

Image 14 of 18 – November’s median priced 1-BR in SF

Living room on
Powell via Zumper.

Living room on
Powell via Zumper.

Living/kitchen on Powell, via Zumper.

Image 15 of 18 – November’s median priced 1-BR in SF

Living/kitchen on Powell, via Zumper.

Living/kitchen on Powell, via Zumper.

Kitchen, via Zumper.

Image 16 of 18 – November’s median priced 1-BR in SF

Kitchen, via Zumper.

Kitchen, via Zumper.

1 BR, almost $4K, via Zumper.

Image 17 of 18 – November’s median priced 1-BR in SF

1 BR, almost $4K, via Zumper.

1 BR, almost $4K, via Zumper.

Bath…. $4k? Via Zumper.

Image 18 of 18 – November’s median priced 1-BR in SF

Bath…. $4k? Via Zumper.

Bath…. $4k? Via Zumper.

Just when you thought maybe, just maybe there was a chink in the high-priced armor worn by San Francisco’s rent market, the median rent for a one bedroom went up again. After a record in early September of $3,530, SF’s October median one bedroom now rents for $3,670, according to Zumper’s National Rent Report for November (two bedrooms remained steady at $5,000).

That hike comes despite news of Twitter’s massive layoffs and a September report in the Business Journal on waning confidence in the “white hot housing market” of San Francisco.

Bay Area rents still setting records

San Francisco does not stand alone in the record-setting rent department. Oakland, a city that won the dubious distinction of being the nation’s hottest rental market in August of this year, is now the 5th most expensive market in the country. In Oakland this November, one bedrooms, per the Zumper report, hit a median of $2,160.

San Jose, meanwhile,  actually reversed some of the massive gains realized over the past two years. Still the 4th most expensive market in the country, prices  dropped 2.2% over the past quarter to $2,180 for a one bedroom. Two bedrooms were also down 1.1% to $2,720. However, in the bigger picture, rent appreciation in SJ is still strong: up 14.7% and 15.7% year-over-year for one and two bedroom apartments, respectively.

What can you rent in the city?

Zumper reports SF’s most expensive neighborhood  for November is the Financial District, commanding a $4,390 median for a 1-BR, followed by Mission Bay at $3,890. The gallery above shows you what the typical one bedroom in that price range looks like.

National trend

Only 10% of the 50 largest cities in the US have actually seen rent drops this past year.  This national phenomenon, though more pronounced in the Bay Area, arises from several factors. “According to a US Census Bureau report from the second quarter of 2015, the national rental vacancy rate dropped to 6.8%, the lowest seen in the past 20 years. Furthermore, a recent report conducted by the Joint Center for Housing Studies at Harvard University, found that the national homeownership rate declined for the 10th consecutive year in 2014, dropping to 64.5%. This softening was seen across the entire country, affecting both urban and suburban areas alike.”

And when it comes the the Bay Area, the effect for tenants is a pricier, more competitive market that gets only more so … every month.

Anna Marie Erwert writes from both the renter and new buyer perspective, having (finally) achieved both statuses. She focuses on national real estate trends, specializing in the San Francisco Bay Area and Pacific Northwest. Follow Anna on Twitter: @AnnaMarieErwert

Article source: http://blog.sfgate.com/ontheblock/2015/11/04/san-franciscos-november-rent-sets-yet-another-record/

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