SF’s November median 1 BR rent goes down almost 5 percent

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  • 95491 1 SFs November median 1 BR rent goes down almost 5 percent


National rent report for November, 2015: Courtesy Zumper

Image 1 of 15 – What November’s median 1-BR rents in SF

National rent report for November, 2015: Courtesy Zumper

National rent report for November, 2015: Courtesy Zumper

Noe Valley neighborhood: Clipper at Douglass 1-BR rents for $3495. Courtesy Zumper

Image 2 of 15 – What November’s median 1-BR rents in SF

Noe Valley neighborhood: Clipper at Douglass 1-BR rents for $3495. Courtesy Zumper

Noe Valley neighborhood: Clipper at Douglass 1-BR rents for $3495. …Courtesy Zumper

Inside Noe area 1-BR. Courtesy Zumper

Image 3 of 15 – What November’s median 1-BR rents in SF

Inside Noe area 1-BR. Courtesy Zumper

Inside Noe area 1-BR. Courtesy Zumper

Through to kitchen. Courtesy Zumper

Image 4 of 15 – What November’s median 1-BR rents in SF

Through to kitchen. Courtesy Zumper

Through to kitchen. Courtesy Zumper

Noe kitchen. Courtesy Zumper

Image 5 of 15 – What November’s median 1-BR rents in SF

Noe kitchen. Courtesy Zumper

Noe kitchen. Courtesy Zumper

Here’s a 1-BR on Sacramento at Laguna. It rents for $3500 a month.

Image 6 of 15 – What November’s median 1-BR rents in SF

Here’s a 1-BR on Sacramento at Laguna. It rents for $3500 a month.

Here’s a 1-BR on Sacramento at Laguna. It rents for $3500 a month.

Inside the Sacramento apartment: kitchen. Courtesy Zumper

Image 7 of 15 – What November’s median 1-BR rents in SF

Inside the Sacramento apartment: kitchen. Courtesy Zumper

Inside the Sacramento apartment: kitchen. Courtesy Zumper

Sacramento living area. Courtesy Zumper

Image 8 of 15 – What November’s median 1-BR rents in SF

Sacramento living area. Courtesy Zumper

Sacramento living area. Courtesy Zumper

Awesome deck for Sacramento pad. Courtesy Zumper

Image 9 of 15 – What November’s median 1-BR rents in SF

Awesome deck for Sacramento pad. Courtesy Zumper

Awesome deck for Sacramento pad. Courtesy Zumper

Diamond Heights up next: 5150 Diamond is a 1-BR with fireplace for $3600 a month. Courtesy Zumper

Image 10 of 15 – What November’s median 1-BR rents in SF

Diamond Heights up next: 5150 Diamond is a 1-BR with fireplace for $3600 a month. Courtesy Zumper

Diamond Heights up next: 5150 Diamond is a 1-BR with fireplace for…$3600 a month. Courtesy Zumper

Diamond Heights through to kitchen. Courtesy Zumper

Image 11 of 15 – What November’s median 1-BR rents in SF

Diamond Heights through to kitchen. Courtesy Zumper

Diamond Heights through to kitchen. Courtesy Zumper

Kitchen. Courtesy Zumper

Image 12 of 15 – What November’s median 1-BR rents in SF

Kitchen. Courtesy Zumper

Kitchen. Courtesy Zumper

Diamond bedroom. Courtesy Zumper

Image 13 of 15 – What November’s median 1-BR rents in SF

Diamond bedroom. Courtesy Zumper

Diamond bedroom. Courtesy Zumper

Closet for Diamond. Courtesy Zumper

Image 14 of 15 – What November’s median 1-BR rents in SF

Closet for Diamond. Courtesy Zumper

Closet for Diamond. Courtesy Zumper

Diamond bath. Courtesy Zumper

Image 15 of 15 – What November’s median 1-BR rents in SF

Diamond bath. Courtesy Zumper

Diamond bath. Courtesy Zumper

In October, San Francisco’s median rent for one-bedroom apartments set a record at $3,670 a month. But with Thanksgiving in the rearview, the city’s many tenants may have something surprising to be thankful for: a drop in that median rent—the first drop of any kind since early this year.

According to Zumper’s National Rent Report for November,  San Francisco experienced its first downturn in prices since February–March of 2015. “After reaching a peak this October…..prices cooled 4.6 percent in November to settle at $3,500.”

Below is a chart of S.F.’s rents on their mostly upward trend through the year, showing a few monthly peaks and valleys on an overall upward trajectory for 2015.

4f6a9 graph SFs November median 1 BR rent goes down almost 5 percent

Still No. 1!

Despite this recent decrease, our fair city held tightly to its title as the most expensive rental market in the country this November. New York, at No. 2, also slid down 1.2 percent in its one-bedroom median. “Prices by borough included Manhattan ($3,470), Brooklyn ($3,210), Queens ($2,790), The Bronx ($1,770), and Staten Island ($1,760),” reports Zumper.

In contrast, a one-bedroom in Austin, Tex., enjoyed a Nov. median of $1,110, down 1.8 percent month-over-month (though up 11 percent year-over-year); Nashville, Tenn., recorded $920, up 1.1% by month and 7 percent by year.

 

Going down?

Is San Francisco headed for “affordable”? That term is relative in this famously pricey city. But historically, there’s not a lot of moving to new apartments during the holidays, so it’s possible a decline in demand may accompany a further decline in prices in S.F. As to whether the trend continues into the new year . . . our magic eight-ball is doubtful.

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/2015/12/18/sfs-november-median-1-br-rent-goes-down-almost-5-percent/

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