Get SF Weekly Newsletters

Thursday, April 17, 2014

Confirmed Again: San Francisco Rent Is Too Damn High and Oakland Isn't Much Cheaper

Posted By on Thu, Apr 17, 2014 at 12:26 PM

click to enlarge Cozy studio apartment for rent -- only half your paycheck! - SCOT HAMPTON
  • Scot Hampton
  • Cozy studio apartment for rent -- only half your paycheck!

New data from an apartment search engine has uncovered a not-so surprising fact about the Bay Area rental market: It's miserable.

Apartment List, which released a Rentonomics Data Report that provides information on rental trends across the top 100 U.S. cities, has declared San Francisco the second least affordable city in the nation. We spend 46 percent of our income on rent, versus "normal" cities where residents shell out 25 percent of their paycheck for rent.

What's more, rents have increased 6.24 percent since January 2013, according to Apartment List. San Francisco's average rental rate for a one-bedroom apartment is $2,824.99 while Oakland's is $1,514.43 (remember when Oakland wasn't cool and a one-bedroom by the lake was $800?).

See Also: Photog captures satirical pics of rental market in S.F

Other irritating facts:

  • If you want a second bathroom in a San Francisco apartment, that'll cost you on average $500 extra a month.That's $6,000 in additional annual rent. Not to mention the mental price you have to pay for cleaning two bathrooms instead of one.

  • If you were going to hop on the East Bay bandwagon and move to Oakland you should know this: Oakland is the 11th least affordable city in the United States. People there are spending 36 percent of their paycheck on rent.

  • San Jose is the 7th least affordable city in the nation; residents there are spending 26 percent of income on rent.

click to enlarge APARTMENT LIST
  • Apartment List

Per the report:

The report finds that renters in 20 percent of the top 100 U.S. cities are paying more on rent than what is recommended by financial experts. The report also shows that cities with the highest average rent prices are getting more expensive, and this trend is also spreading to neighboring cities and suburbs. Additionally, cities with the highest-priced rents are becoming even more expensive. Thirty-two of the 100 most expensive cities showed a rent increase of more than 3 percent since the beginning of 2013. The majority of these cities are based on the West Coast.

If you are still dead-set on living here, Apartment List has some decent tips to help you search for a new pad:

  • Friday is the best day to search for apartment rentals. The most leads are posted on Fridays but renters are still searching for apartments earlier in the week

  • Start your search in the early afternoon. That is when you will have the most active listings to choose from

  • Best time to search is September through December. "Due to a seasonal drop in demand, this remains the best time to search for apartment rentals."

Or, if you're really desperate, you could just pack up and move back to Texas.


  • Pin It

About The Author

Erin Sherbert

Erin Sherbert

Bio:
Erin Sherbert has been Online News Editor for SF Weekly since 2010. She's a Texas native and has a closet full of cowboy boots to prove it.

Comments

Subscribe to this thread:

Add a comment

Popular Stories

  1. Most Popular Stories
  2. Stories You Missed

Like us on Facebook

Slideshows

  • Phish at the Bill Graham Auditorium
    Phish is in the midst of a block of sold out shows at the Bill Graham Civic Auditorium (October 27-29). The Monday night concert featured a rare first set opener of “Walfredo” with the band members switching instruments for the song. The evening’s highlights included John Fishman and his iconic vacuum cleaner solo and favorites such as Chalk Dust Torture, Slave to the Traffic Light, Axilla, Rift, 2001 Space Odyssey, and Maze. The show also featured Phish’s debut of a, seemingly impromptu, version of “Take Me Out to the Ballgame” to with roaring approval of the, singing along, crowd. With Game 6 being tonight, partying Phish fans will join Giants fans in Civic Center Plaza where there will be a World Series viewing party on a large screen set up by the City. Photography by Jamie Soja.
  • The 4th Annual Masquerotica 2014 - NSFW
    The theme this year was Carnaval Mystique for the 4th Annual Masquerotica at The Factory. Attendees were entertained by strip dance, trapeze, and live music. Photographs by Calibree Photography.