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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.
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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