The rumors that our rental market is declining are true, but it’s not enough to bump down San Francisco’s status as the most expensive city for rental housing in the nation.
According to real estate site Zumper, citywide rents declined by 4.6 percent in 2016. But that rate is only an average: some neighborhoods’ rental prices increased.
Bayview saw the largest growth in rental prices in the past year, up 11.5 percent from December 2015. Bernal Heights and Western Addition were close behind, and Haight Ashbury rose by seven percent.
In contrast, NOPA had the biggest drop, with rental units coming in nine percent lower than last year. Noe Valley is down eight percent, and Nob Hill saw a six percent drop.
But when you get into the nitty gritty, there’s not an enormous difference in rent when the percentages are so low. Rent might have dropped nine percent in NOPA, but at the end of the day $2500 for an apartment isn’t that different than $2,275.
According to data collected by Rent Jungle, two-bedroom apartments still go for an average of $4,469 per month in our beautiful city, and one-bedrooms average at $3,336.
Still, this minuscule decrease does leave hope for those of us still renting in the city that someday, maybe, market-rate rents will be affordable for people who make under $120,00 a year.