It’s the first of the month and moving trucks are becoming an increasingly common sight across San Francisco, as many who are able to work remotely head for more affordable locales outside of the city, and, presumably, some within the 7×7 do the do-si-do in order to lock down cheaper rent elsewhere in town.
And why wouldn’t they? The city already saw a double-digit percentage decrease in median rents earlier this summer. After shedding a few more points in August, the San Francisco rental market is starting to feel… well… if not necessarily affordable, then bit less like a full-blown shakedown. As you can see from the Zumper chart below, however, local median rent is still well above New York and other American metros.
According to real estate search and listing company Zumper, median one-bedroom rent dropped another 5 percent in SF even as it remained flat on a nationwide level. The median rent for two-bedrooms also fell another 3.3 percent. For those keeping track, that’s a total of 14.1 percent and 15 percent, respectively, for one- and two-bedrooms year over year.
And, according to the report released earlier today, while the median one-bedroom rent in San Francisco remained just above $3,000 overall in August, it “actually dropped below $3,000 toward the end of the month, and will likely stay below $3,000 if the trend continues.”
Those italics you see above? Those were courtesy the folks at Zumper — perhaps because the San Francisco-based platform has been keeping track of these statistics since 2014 and has never seen the median one-bedroom rent drop below $3,000 in SF. (Those last italics were ours).You can read the full report here.